Dana Corporation Announces Agreement to Sell Industrial Hose and Fitting Operations to Eaton Corporation
Oct 1, 2002
TOLEDO, Ohio, Oct. 1 /PRNewswire-FirstCall/ -- Dana Corporation (NYSE: DCN) announced today that it has signed an agreement to sell the majority of its Boston Weatherhead industrial hose and fitting operations to Eaton Corporation (NYSE: ETN). The transaction will include the sale of: * Manufacturing facilities in Columbia City, Ind.; Ludlow, Mass.; Vinita, Okla.; Hohenwald, Tenn.; and Newbern, Tenn. * Distribution centers in Montebello, Calif.; Columbus, Ohio; and Cleveland, Tenn. * A division office in Brentwood, Tenn. * Certain assets from manufacturing facilities in Pelahatchie, Miss., and Antwerp, Ohio. In 2001, Dana's industrial hose and fitting operations had sales of $207 million and, at year-end, 1,049 employees. The transaction is subject to regulatory approvals and other customary closing conditions. Terms of the agreement were not disclosed. Dana Chairman and CEO Joe Magliochetti said, "Divesting Boston Weatherhead is consistent with Dana's long-term strategy of focusing on core products - axles, driveshafts, structural systems, brake and chassis products, fluid systems, filtration products, and bearings and sealing systems. We believe this business and its people are better served as part of a company that is committed to the industrial marketplace." Mike Laisure, president of Dana's Engine and Fluid Management Group, said, "The decision to sell this operation was difficult in light of its reputation and respect in the industrial marketplace. However, this action positions us to focus even more sharply on meeting the needs of our automotive, commercial vehicle, and off-highway customers." 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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