Dana Corporation has announced that the United States Bankruptcy Court for the Southern District of New York, approved the sale of the two businesses that compose the Fluid Products business that the company announced for sale in late 2005.
Dana’s fluid products hose and tubing business will be sold to Orhan Holding, A.S., a Turkish industrial firm and joint-venture partner of Dana, for a purchase price of $85 million, and the company’s coupled products business will be sold to Coupled Products Acquisition LLC, a wholly owned subsidiary of Wanxiang (USA) Holdings Corporation, for a nominal price.
Competitive bidding procedures for the sale of these businesses concluded on June 4.
Dana expects to close the sale of both businesses by the end of July 2007.
Dana is a worldwide supplier of axles; driveshafts; and structural, sealing, and thermal management products; as well as service parts.
The company’s customer base includes virtually every major vehicle and engine manufacturer in the global automotive, commercial vehicle, and off-highway markets, which collectively produce more than 65 million vehicles annually.
Based in Toledo, Ohio, the company’s continuing operations employ approximately 35,000 people in 28 countries and reported 2006 sales of US$8.5 billion.
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