Dana Corp. Signs Agreement To Sell Engine Management Aftermarket Operations
February 10, 2003
Dana Corp., Toledo, Ohio, signed a definitive agreement to sell a significant portion of the Engine Management operations of its Automotive Aftermarket Group to Standard Motor Products, an automotive replacement parts manufacturer and distributor, for approximately $120 million, subject to post-closing adjustments. The sale involves nine U.S. operations employing approximately 1,900 people, with sales of approximately $288 million in 2002. The facilities involved in the transaction are located in Branford and Guilford, Conn.; Franklin Park, Ill.; Argos and Mishawaka, Ind.; Independence, Kan. (two facilities); Northvale, N.J.; and Nashville, Tenn.