Dana Corporation has agreed to sell its FTE brake and clutch actuation systems operations to HgCapital, a European private equity finance company.
Terms of the agreement were not disclosed.
FTE is a leading manufacturer of brake and clutch actuation systems. Headquartered in Ebern, Germany, the FTE operations expect 2002 sales in excess of $US260 million and employs approximately 2,850 people at five manufacturing facilities, located in Ebern, Fischbach, and Muhlhausen, Germany; Puebla, Mexico; and Gravatai, Brazil; and at a warehouse in Paris, France. FTE also operates 14 sales offices globally.
FTE’s primary brake products include master cylinders, wheel cylinders, brake boosters and hoses, and anti-lock brake modules and systems. Its major clutch products include master cylinders, slave cylinders, concentric slave cylinders, hoses and lines, pipe assemblies, and servos.