Dana Corp. announced that plans to sell its trailer axle manufacturing business to Hendrickson USA LLC and its affiliates. Under purchase agreements said to be worth $38 million, the buyers will acquire operations in Lugoff, SC; Barrie, Ontario; and Wuxi, China.
Selling its trailer axle business will allow Dana, which is now under Chapter 11 bankruptcy protection, to focus on its core commercial vehicle drive-train product lines. The sales are subject to the approval of the bankruptcy court. Dana expects the sale to close in the fourth quarter of this year.
Hendrickson is currently one of Dana's major competitors in the trailer axle business.