Dana Sells Three Units To Buyout Firm – Brief Article
Dana Corp. said that it has completed the sale of several non-core businesses to The Riverside Co., a leveraged buyout firm. Proceeds from the sale were approximately $33 million, and the transaction was not material to the company’s results of operations. Terms of the transaction were not disclosed.
The businesses involved in the transaction are:
* Tekonsha Engineering Co., located in Tekonsha, Mich., a manufacturer of aftermarket electric brake controls and related products for the recreation, agricultural, and trailer markets. This transaction included Dana’s SurePull Products facility in Sheridan, Ark., which produces hitches and towing accessories;
* Theodore Bargman Co., located in Albion, Ind., a manufacturer of exterior illumination products, electrical accessories, and locks and latches; and
* American Electronic Components, Inc., located in Elkhart, Ind., a manufacturer of sensors, switches and relays.
The combined operations employ nearly 700 people and had total sales of $81 million in 2001, Dana said.
COPYRIGHT 2002 International Trade Services
COPYRIGHT 2002 Gale Group