Dana Corporation Sells Engine Management Aftermarket Operations to Standard Motor Products
Dana Corporation has announced a definitive agreement to sell a significant portion of the Engine Management operations of its Automotive Aftermarket Group to Standard Motor Products, an automotive re...
Dana Corporation has announced a definitive agreement to sell a significant portion of the Engine Management operations of its Automotive Aftermarket Group to Standard Motor Products, an automotive replacement parts manufacturer and distributor, for approximately $US 120 million, subject to post-closing adjustments.
The sale involves nine U.S. operations employing approximately 1,900 people, with sales of approximately $288 million in 2002. The facilities involved in the transaction are located in Branford and Guilford, Conn.; Franklin Park, Ill.; Argos and Mishawaka, Ind.; Independence, Kan. (two facilities); Northvale, N.J.; and Nashville, Tenn.
The primary products of these operations are electronic control modules, wire and cable, fuel injectors, oxygen sensors, and voltage regulators. The facilities also include an engine controls distribution center.
“With this transaction, we will continue our emphasis on core businesses and those technologies that are central to our growth strategy,” said Dana Chairman and CEO Joe Magliochetti. “While not core to Dana, these Engine Management operations can better serve the customer when combined with the expertise of a company such as Standard Motor Products, which is more focused on this segment of the aftermarket.”
The transaction is subject to customary regulatory approvals and buyer’s financing.