Dana Corporation Completes Sale of Automotive Aftermarket Businesses
30 November 2004 - 7:35PM
PR Newswire (US)
Dana Corporation Completes Sale of Automotive Aftermarket
Businesses TOLEDO, Ohio, Nov. 30 /PRNewswire-FirstCall/ -- Dana
Corporation (NYSE:DCN) announced today that it has completed the
sale of its automotive aftermarket businesses to Affinia Group
Inc., an affiliate of The Cypress Group, for approximately $1
billion, including roughly $950 million in cash and a seller's note
with a face value of $74.5 million. (Logo:
http://www.newscom.com/cgi-bin/prnh/19990903/DANA ) "We are
extremely pleased to bring this transaction to a positive
conclusion," said Dana Chairman and CEO Michael J. Burns. "The sale
proceeds provide Dana with important strategic and financial
flexibility. The sale also demonstrates our commitment to our core
businesses and positions us to better leverage our core products
and capabilities on the behalf of our global original equipment
customers. "At the same time, we wish the people of the automotive
aftermarket businesses the very best moving forward," Mr. Burns
added. "We believe the aftermarket team and their customers will be
well served by their new association with The Cypress Group, which
has expressed its dedication to growing this business and fully
optimizing its opportunities moving forward." The sale encompassed
52 facilities employing approximately 13,000 people worldwide.
Combined annual sales for these operations totaled approximately $2
billion in 2003. The transaction also involved several premier
replacement product brands and a variety of under-vehicle
components. The transaction did not include Dana's distribution and
marketing operations for its engine products, such as piston rings,
gaskets, and engine bearings, which the company has retained as
part of its Automotive Systems Group. Credit Suisse First Boston
LLC and Goldman, Sachs & Co. acted as financial advisers to
Dana in connection with the transaction. The Cypress Group is a New
York based private equity group which manages two private equity
funds with more than $3.5 billion in commitments. Cypress invests
in privately negotiated transactions, targeting operating
businesses and investing with management to foster continued
growth. The Cypress website address is: http://www.cypressgp.com/ .
Dana Corporation is a global leader in the design, engineering, and
manufacture of value-added products and systems for automotive,
commercial, and off-highway vehicles. Delivering on a century of
innovation, the company's continuing operations employ
approximately 45,000 people worldwide dedicated to advancing the
science of mobility. Founded in 1904 and based in Toledo, Ohio,
Dana operates technology, manufacturing, and customer-service
facilities in 30 countries. Sales from continuing operations
totaled $7.9 billion in 2003. The company's Internet address is:
http://www.dana.com/ .
http://www.newscom.com/cgi-bin/prnh/19990903/DANA
http://photoarchive.ap.org/ DATASOURCE: Dana Corporation CONTACT:
Gary J. Corrigan of Dana Corporation, +1-419-535-4813, or Web site:
http://www.dana.com/ http://www.cypressgp.com/ Company News
On-Call: http://www.prnewswire.com/comp/226839.html
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