Dana Corporation to Divest Quinton Hazell European Aftermarket Operations
Nov 28, 2000
TOLEDO, Ohio, Nov. 28 /PRNewswire/ -- Dana Corporation (NYSE: DCN) today announced that it intends to divest its Quinton Hazell Group. Quinton Hazell is one of the largest independent manufacturers and distributors of automotive aftermarket components in Europe. Headquartered in Nuneaton, U.K., the group operates 14 facilities in nine countries and had sales of $275 million in 1999. (Photo: http://www.newscom.com/cgi-bin/prnh/19990903/DANA ) "This announcement reflects Dana's strategy to focus on growing our foundation businesses and their supporting technologies," said Dana Chairman and CEO Joe Magliochetti. "Quinton Hazell is an excellent operation which presents a tremendous opportunity for a purchaser looking to develop or expand its automotive aftermarket capability in Europe." Terry McCormack, president of Dana's Automotive Aftermarket Group, said, "Quinton Hazell has a strong brand name and a proud history as a pan-European aftermarket leader. The business, which came to us with the acquisition of Echlin, is an excellent supplier for a wide variety of components, some of which are manufactured by Dana. This is an opportunity for Quinton Hazell and its people to grow with a company dedicated to this marketplace." Dana has retained the investment-banking firm of Salomon Smith Barney to assist in the transaction. In accordance with its Five-Point Plan, Dana has intensified its focus on its foundation businesses by aggressively pursuing the divestiture of those that are considered non-strategic. Today's announcement reflects the completion of a review of the strategic opportunities available to Dana for its Quinton Hazell operations. Proceeds from this and other previously announced divestitures will be used primarily for investment in those technologies and businesses that will drive Dana's global growth and debt reduction. Dana Corporation is one of the world's largest suppliers to vehicle manufacturers and their related aftermarkets. Founded in 1904 and based in Toledo, Ohio, the company operates some 320 major facilities in 32 countries and employs approximately 80,000 people. The company reported sales of $13.2 billion in 1999. Dana's Internet address is http://www.dana.com .
SOURCE Dana Corporation
Web Site: http://www.dana.com
Photo Notes: http://www.newscom.com/cgi-bin/prnh/19990903/DANA
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