TOLEDO, Ohio (Dec. 2)—Dana Corp. has agreed to sell its FTE Automotive GmbH brake and clutch actuation systems operations to HgCapital, a European private equity finance company. A leading manufacturer of brake and clutch actuation systems, FTE's products include brake boosters and hoses. FTE has been part of Dana since mid-1998, when it bought Echlin Inc. Headquartered in Ebern, Germany, FTE—formerly Fahrzeugtechnik Ebern—expects 2002 sales to exceed $260 million. FTE employs about 2,850 at five manufacturing facilities in Ebern, Fischbach, and Muhlhausen, Germany; Puebla, Mexico; and Gravatai, Brazil. HgCapital, formerly Mercury Private Equity, provides financing to the European private equity market. Terms of the deal were not disclosed.
Dana to sell brake systems maker FTE to European equity finance firm
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