Dana Corporation has completed the sale of its engine hard parts business to Mahle for $US97 cash.
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The engine hard parts business consists of 39 facilities, which manufacture piston rings, engine bearings, cylinder liners, and camshafts under the Perfect Circle, Clevite, and Glacier Vandervell brands. Annual revenues were about $670m in 2005 and these operations employ approximately 5,000 people in 10 countries.
Dana expects to record a pre-tax charge of $30m to $35m in the first quarter of 2007 in connection with the completion of this sale.
Under the deal Mahle acquires the exclusive distribution rights to Dana’s retained Victor Reinz branded products in the independent aftermarket in the United States and Canada.
Three facilities in Argentina and Italy will be transferred to Mahle and Mahle is also assuming unspecified liabilities related to the engine hard parts business.
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By GlobalDataDana chairman and CEO Mike Burns said, “This divestiture is an important step in implementing Dana’s reorganisation initiatives and sharpening our focus on our core axle, driveshaft, structural, sealing, and thermal products businesses.”
