Dana Corporation Completes Purchase of Engine Bearings, Related Businesses
Dec 18, 1998
TOLEDO, Ohio, Dec. 18 /PRNewswire/ -- Dana Corporation (NYSE: DCN) today announced that it has completed the purchase of the Glacier Vandervell Bearings Group and the AE Clevite North American non-bearing aftermarket engine hard parts business from Federal-Mogul Corporation for $430 million. The acquired businesses were formerly part of the T&N plc. organization. Sales for the businesses are expected to approximate $480 million in 1999, with the non-bearing aftermarket engine hard parts business accounting for approximately $60 million of that total. "This acquisition makes Dana a leading supplier of global thin-wall bearings, adding another key component to our already strong line up," said Dana Chairman and CEO Southwood J. Morcott. "We continue to pursue opportunities to provide an even more comprehensive portfolio of internal engine components and systems to our customers around the world." The Glacier Vandervell products acquired include thin-wall and half-shell bearings; thrust washers; wear plates; and other components sold under the Glacier(TM), Vandervell(TM), Clevite(TM), and Clevite 77(TM) brand labels, among others. These products are primarily used in passenger car and light- duty vehicle applications for both original equipment manufacturers and the aftermarket. As part of the transaction, Dana acquired Glacier Vandervell facilities in Annecy and Dieuze, France; Heilbronn, Germany; Trento, Italy; and Kilmarnock and Whitehill, Scotland; as well as U.S. operations in Atlantic, Iowa, and Bellefontaine, Caldwell, and McConnelsville, Ohio. Also included in the transaction are packaging and distribution facilities located in Collierville, Tenn., and Olive Branch, Miss., as well as a sales and marketing operation in Ann Arbor, Mich. The non-bearing AE Clevite engine hard parts aftermarket business includes products such as camshafts, valves, and other valvetrain, timing, and cylinder components sold primarily to the growing market of production engine re- builders and engine specialists. Larry McCurdy, president of Dana's Automotive Aftermarket Group added, "When we combine AE Clevite's hard parts with Dana's Perfect Circle(R) engine products and Victor Reinz(R) gaskets, Dana will be able to offer its global aftermarket customers a more complete internal engine systems package." One of the world's largest independent suppliers to vehicular, off- highway, and industrial manufacturers and their related aftermarkets, Dana Corporation produces components and systems used on more than 95 percent of the world's 670 million motor vehicles. Founded in 1904 and based in Toledo, Ohio, the company operates 270 major facilities in 33 countries and employs more than 79,000 people. The company had pro forma sales of $11.9 billion in 1997. Dana's Internet address is http://www.dana.com.