TOLEDO, Ohio (Dec. 3)—Dana Corp. has completed the sale of its automotive aftermarket business to Affinia Group Inc., a Cypress Group affiliate, for about $1 billion. The deal included about $950 million in cash and a seller's note of $74.5 million.
The sale encompassed 52 facilities employing about 13,000 people worldwide. Combined annual sales for the operations totaled about $2 billion in 2003. The transaction also involved several premier replacement product brands and a variety of under-vehicle components, according to Dana. The transaction did not include Dana´s distribution and marketing operations for its engine products, such as gaskets, piston rings and engine bearings, which will remain a part of Dana's Automotive Systems Group.
"The sale proceeds provide Dana with important strategic and financial flexibility," said Michael J. Burns, Dana chairman and CEO. "The sale also demonstrates our commitment to our core businesses and positions us to better leverage our core products and capabilities on the behalf of our global original equipment customers."