Dana to post $24 million gain on sale of FTE

TOLEDO, Ohio (Dec. 19)—Dana Corp. will book an after-tax gain of about $24 million from the sale of its FTE Automotive GmbH brake and clutch actuation systems operations to HgCapital Ltd., the company said in a release disclosing the completion of the deal. HgCapital, a European private equity firm, paid about $150 million for Ebern, Germany-based FTE, Dana said. FTE, a global market leader for hydraulic clutch actuation systems—including hose—expects to post sales of more than $260 million this year. FTE makes brake and clutch hose at factories in Ebern and Muhlhausen, Germany, and Puebla, Mexico. Dana had acquired the business from the former Echlin Inc. in 1998.