TOLEDO, Ohio (July 6) — Dana Corp. has completed the sale of its European fluid products hose and tubing operations to Orhan Holding, valuing the global business at $85 million.
Orhan paid $66.9 million for the company´s non-U.S. business and will pay $18.1 million in the third quarter when it acquires its North American operations.
Orhan now owns a facility in Birmingham, England, stock in three companies in France, Slovakia and Spain and intellectual property relating to the global hose and tubing business.
The operations being sold reported consolidated sales last year of $266 million.
Dana expects to record an after-tax gain of about $34 million in the third quarter of 2007 after the final sale has gone through.
The company previously announced that it also plans to sell its coupled products business to Coupled Products Acquisition L.L.C., a wholly owned subsidiary of Wanxiang (USA) Holdings Corp., with Wanxiang assuming certain liabilities.