Dana Corp. announced this week it has signed agreements with the Riverside Co., a leveraged buyout firm, to sell several non-core businesses.
These include:
-- Tekonsha Engineering Co., located in Tekonsha, Mich., a manufacturer of aftermarket electric brake controls and related products for the recreation, agricultural and trailer markets. This transaction includes Dana's SurePull Products facility in Sheridan, Ark., which produces hitches and towing accessories.
-- Theodore Bargman Co., located in Albion, Ind., a manufacturer of exterior illumination products, electrical accessories and locks and latches.
-- American Electronic Components Inc., located in Elkhart, Ind., a manufacturer of sensors, switches and relays.
The combined operations employ nearly 700 people and had total sales of $81 million in 2001.
The transactions are subject to customary closing conditions. Terms of the agreements were not disclosed.
Dana chairman and CEO Joe Magliochetti said, "The decision to sell these operations is consistent with Dana's long-term strategy of focusing on core products. These actions focus us even more sharply on our automotive, commercial vehicle and off-highway customers. At the same time, we believe these businesses and their people will be better served as part of a company with a growth strategy for these niche markets."
The Riverside Co., with offices in New York, Cleveland, Dallas and San Francisco, is one of the leading private equity firms investing in premier companies at the smaller end of the middle market. The firm has more than half a billion dollars of capital under management.
Dana Corp. is one of the world's largest suppliers of components, modules and complete systems to global vehicle manufacturers and their related aftermarkets. Founded in 1904 and based in Toledo, Ohio, the company operates some 300 major facilities in 34 countries and employs about 70,000 people. The company reported sales of $10.3 billion in 2001.
These include:
-- Tekonsha Engineering Co., located in Tekonsha, Mich., a manufacturer of aftermarket electric brake controls and related products for the recreation, agricultural and trailer markets. This transaction includes Dana's SurePull Products facility in Sheridan, Ark., which produces hitches and towing accessories.
-- Theodore Bargman Co., located in Albion, Ind., a manufacturer of exterior illumination products, electrical accessories and locks and latches.
-- American Electronic Components Inc., located in Elkhart, Ind., a manufacturer of sensors, switches and relays.
The combined operations employ nearly 700 people and had total sales of $81 million in 2001.
The transactions are subject to customary closing conditions. Terms of the agreements were not disclosed.
Dana chairman and CEO Joe Magliochetti said, "The decision to sell these operations is consistent with Dana's long-term strategy of focusing on core products. These actions focus us even more sharply on our automotive, commercial vehicle and off-highway customers. At the same time, we believe these businesses and their people will be better served as part of a company with a growth strategy for these niche markets."
The Riverside Co., with offices in New York, Cleveland, Dallas and San Francisco, is one of the leading private equity firms investing in premier companies at the smaller end of the middle market. The firm has more than half a billion dollars of capital under management.
Dana Corp. is one of the world's largest suppliers of components, modules and complete systems to global vehicle manufacturers and their related aftermarkets. Founded in 1904 and based in Toledo, Ohio, the company operates some 300 major facilities in 34 countries and employs about 70,000 people. The company reported sales of $10.3 billion in 2001.
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