Dana Corporation has completed the sale of several non-core businesses to The Riverside Company, a leveraged buyout firm.
Proceeds from the sale were approximately $US33 million, and the transaction was not material to the company’s results of operations. Terms of the transaction were not disclosed.
The businesses concerned are: Tekonsha Engineering Company, in Tekonsha, Michigan, a manufacturer of aftermarket electric brake controls and related products for the recreation, agricultural, and trailer markets, and the deal included Dana’s SurePull Products facility in Sheridan, Arkansas, which produces hitches and towing accessories; Theodore Bargman Company, located in Albion, Indiana., a manufacturer of exterior illumination products, electrical accessories, locks and latches; and American Electronic Components in Elkhart, Indiana, a manufacturer of sensors, switches and relays.
The combined operations employ nearly 700 people and had total sales of $81 million in 2001.