Mark IV to sell Dayco global power transmission business

DAYTON, Ohio (June 25)—Mark IV Industries Inc., in a letter to customers on its Dayco products Web site, said it has signed a letter of intent with an unnamed buyer for the sale of the assets of its global power transmission business. "We view this as very positive," said the letter's author, Executive Vice President Mike Gearhardt. "The potential buyer is a significant player in many common markets, and their expressed intent is to provide growth and investment in our power transmission business." A number of buyers have expressed interest in buying all or parts of the Dayco Industrial business over the past few months, the letter said.