Dana Corporation Completes Sale of Several Non-Core Businesses
Nov 18, 2002
TOLEDO, Ohio, Nov. 18 /PRNewswire-FirstCall/ -- Dana Corporation (NYSE: DCN) announced today that it has completed the sale of several non-core businesses to The Riverside Company, a leveraged buyout firm. (Photo: http://www.newscom.com/cgi-bin/prnh/19990903/DANA ) Proceeds from the sale were approximately $33 million, and the transaction was not material to the company's results of operations. Terms of the transaction were not disclosed. The businesses involved in the transaction are: * Tekonsha Engineering Company, located in Tekonsha, Mich., a manufacturer of aftermarket electric brake controls and related products for the recreation, agricultural, and trailer markets. This transaction included Dana's SurePull Products facility in Sheridan, Ark., which produces hitches and towing accessories; * Theodore Bargman Company, located in Albion, Ind., a manufacturer of exterior illumination products, electrical accessories, and locks and latches; and * American Electronic Components, Inc., located in Elkhart, Ind., a manufacturer of sensors, switches and relays. The combined operations employ nearly 700 people and had total sales of $81 million in 2001. 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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