TOLEDO, Ohio (Dec. 4)—Dana Corp. plans to divest its Automotive Aftermarket Group in 2004 and focus on the original equipment marketplace.
"The move will enable us to leverage our historic strengths in product and process technology to the benefit of our OE customers and, ultimately, our shareholders," Bill Carroll, acting president and chief operating officer, said in a prepared statement. The aftermarket group employs 15,000 and reported sales of about $2.2 billion in 2002.
Dana's Clevite distribution and marketing activities based in Ann Arbor, Mich., and its related operations in Churubusco, Ind.; Collierville, Tenn.; and Olive Branch, Miss., are not part of the proposed divestiture. Proceeds from the sale likely would be reinvested in the Dana's core businesses, used to reduce debt and contributed to the firm's pension plans, the company said.