MAUMEE,
Ohio, Feb. 21, 2024 /PRNewswire/ -- Dana
Incorporated (NYSE: DAN) announced today that, as part of an
ongoing evaluation of its operations and product portfolio, the
company has entered into a definitive agreement to sell its
European hydraulics business to HPI Group, a hydraulics
business jointly held by Apogee Group and EiM Capital.
The transaction is expected to be completed in the first half of
2024, subject to regulatory approvals and customary closing
conditions.
The transaction includes operations in Italy, France, and Germany that produce industrial components,
including hydraulic motors, pumps, valves, and power packs.
In 2023, the business generated approximately $90 million in sales to external customers.
Under the terms of the agreement, Dana will enter into a supply
agreement whereby the newly combined hydraulics business will
continue to provide components to Dana.
"The sale of our European hydraulics production facilities
allows us to focus on industrial system sales while having access
to a broader portfolio through a supply agreement," said Jeroen
Decleer, senior vice president and president, Dana Off-Highway
Drive and Motion Systems. "We look forward to continuing our
relationship with HPI by selling and supplying hydraulic components
through Dana's global network of service and assembly centers
around the globe."
About Dana Incorporated
Dana is a leader in the design and manufacture of highly efficient
propulsion and energy-management solutions that power vehicles and
machines in all mobility markets across the globe. The
company is shaping sustainable progress through its conventional
and clean-energy solutions that support nearly every vehicle
manufacturer with drive and motion systems; electrodynamic
technologies, including software and controls; and thermal,
sealing, and digital solutions.
Based in Maumee, Ohio, USA, the
company reported sales of $10.6
billion in 2023 with 42,000 people in 31 countries across
six continents. With a history dating to 1904, Dana was named
among the "World's Most Ethical Companies" for 2023 by Ethisphere
and as one of "America's Most Responsible Companies 2023" by
Newsweek. The company is driven by a high-performance
culture that focuses on valuing others, inspiring innovation,
growing responsibly, and winning together, earning it global
recognition as a top employer. Learn more at dana.com.
About HPI
Founded in 1966 and based in Chennevières sur Marne, near
Paris, HPI is specialized in the
design and production of hydraulic components based on external
gear pump technology. Acquired jointly by EiM Capital and Apogee
Group in 2022 from the Toyota Group, HPI employs 200 people and has
world-class development and testing capabilities.
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SOURCE Dana Incorporated