TOLEDO, Ohio (March 29) — Orhan Holding A.S. plans to buy Dana Corp.'s fluid products hose and tubing business along with three related operations in France, Slovakia and Spain and Dana's interests in three joint ventures.
The estimated price of the transactions is about $70 million, a spokesman said, but that could change.
The agreement between the two companies calls for Orhan, a Turkish industrial firm and joint venture partner of Dana, and affiliate companies to acquire the stock and assets of the hose and tubing business, including three plants in the U.S., one in Mexico and another in the United Kingdom.
The firm didn't give the names of the three other companies and joint ventures Orhan is purchasing. Dana said it is selling the businesses because they don't fit with its core operation.
The transaction is subject to the approval of the U.S. Bankruptcy Court for the Southern District of New York and regulatory agencies.