Dana Corporation Completes Sale of DCC Real Estate Services Group
Sep 3, 2002
TOLEDO, Ohio, Sept. 3 /PRNewswire-FirstCall/ -- Dana Corporation (NYSE: DCN) announced today that, in accordance with plans announced in October 2001, it has completed the sale of the Austin, Texas-based Real Estate Services Group (RESG) of Dana Credit Corporation (DCC) to a fund managed by Fortress Investment Group LLC. Fortress is an investment and asset management company based in New York City. (Photo: http://www.newscom.com/cgi-bin/prnh/19990903/DANA ) Proceeds from the sale were $152.5 million, which approximates the net book value of the subsidiaries and assets included in the transaction. Lazard Freres & Company LLC served as adviser to Dana during the transaction. Dana Chief Financial Officer Bob Richter said, "In late June we sold several DCC subsidiaries. This sale of RESG is the next significant step in the divestiture of the DCC businesses." 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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