US: Dana to sell engine hard parts business to Mahle

摘要

BANKRUPT automotive components supplier Dana says it has agreed to sell its non-core engine hard parts business to Mahle GmbH, the Stuttgart, Germany-based powertrain components supplier, for US$157m. As per the agreement, Mahle and its affiliates will acquire the equity and tangible and intangible assets of the global operations comprising Dana's engine hard parts business from Dana and its affiliates. The purchase price includes US$98m in cash and the assumption of certain liabilities related to the business. The engine hard parts business of Dana consists of 39 facilities which manufacture piston rings, engine bearings, cylinder liners and camshafts under the Perfect Circle, Clevite, and Glacier Vandervell brands. The business employs about 5,000 workers in 10 countries and generated revenues of US$670m in 2005.