Dana Corporation Completes Sale Of FTE Brake & Clutch Actuation Operations
Dec 19, 2002
TOLEDO, Ohio, Dec. 19 /PRNewswire-FirstCall/ -- Dana Corporation (NYSE: DCN) announced today that it has completed the sale of its FTE brake and clutch actuation systems operations to HgCapital, a European private equity finance company. (Photo: http://www.newscom.com/cgi-bin/prnh/19990903/DANA ) The transaction included FTE's five manufacturing facilities in Germany, Mexico, and Brazil, as well as its 14 sales offices. The Ebern, Germany-based FTE operations employ approximately 2,850 people. Net cash proceeds for the transaction total approximately $150 million. Dana will record an after-tax gain of approximately $24 million in the fourth quarter of 2002 related to the transaction. Dana Chairman and CEO Joe Magliochetti said, "FTE is a respected business with solid product and brand reputation. But in the larger view, this move reinforces our desire to focus Dana's energies on core businesses and technologies, which are more central to our strategy of growth through innovation." FTE's primary brake products include master cylinders, wheel cylinders, brake boosters and hoses, and anti-lock brake modules and systems. Its major clutch products include master cylinders, slave cylinders, concentric slave cylinders, hoses and lines, pipe assemblies, and servos. The investment banking firm of Deutsche Bank advised Dana on the transaction. Dana Corporation is one of the world's largest suppliers of components, modules and complete systems to global vehicle manufacturers and their related aftermarkets. Founded in 1904 and based in Toledo, Ohio, the company operates some 300 major facilities in 34 countries and employs approximately 70,000 people. The company reported sales of $10.3 billion in 2001. Dana's Internet address is http://www.dana.com .
SOURCE Dana Corporation
Web Site: http://www.dana.com
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