Oerlikon signs to divest Drive Systems to Dana

摘要

Oerhkon, a leading technology and engineering group, has signed a definitive agreement to divest its Drive Systems Segment to Dana Incorporated for an enterprise value of CHF 600 million, which is approximately the same amount of cash proceeds expected from the sale. This transaction marks a strategic milestone for Oerlikon as the company can fully concentrate on growing its surface solutions and advanced materials businesses, while strengthening its Manmade Fibers Segment. The transaction is expected to close in late 2018 or the first quarter 2019, subject to customary approvals and closing conditions.