Dana Corporation Announces Agreement To Sell FTE Brake & Clutch Actuation Operations
Dec 2, 2002
TOLEDO, Ohio, Dec. 2 /PRNewswire-FirstCall/ -- Dana Corporation (NYSE: DCN) announced today that it has signed a definitive agreement to sell its FTE brake and clutch actuation systems operations to HgCapital, a European private equity finance company. (Logo: Photo: http://www.newscom.com/cgi-bin/prnh/19990903/DANA ) FTE is a leading manufacturer of brake and clutch actuation systems for vehicular markets. Headquartered in Ebern, Germany, the FTE operations expect 2002 sales in excess of $260 million. FTE employs approximately 2,850 people at five manufacturing facilities, located in Ebern, Fischbach, and Muhlhausen, Germany; Puebla, Mexico; and Gravatai, Brazil; and at a warehouse in Paris, France. FTE also operates 14 sales offices globally. 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 transaction is subject to customary regulatory approvals. Terms of the agreement were not disclosed. 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.
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Web Site: http://www.dana.com
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