Dana completes sale of FTE operations

    Jan. 1, 2003
    Dana Corp has completed the sale of its FTE brake and clutch actuation systems operations to HgCapital, a European private equity finance company. The

    Dana Corp has completed the sale of its FTE brake and clutch actuation systems operations to HgCapital, a European private equity finance company.

    The transaction included FTE's five manufacturing facilities in Germany, Mexico, and Brazil, as well as its 14 sales offices. Ebern, Germany-based FTE operations employ approximately 2,850 people.

    Net cash proceeds for the transaction total about $150 million. Dana will record an after-tax gain of some $24 million in fourth-quarter 2002 related to the transaction.

    FTE's primary brake products include master cylinders, wheel cylinders, brake boosters and hoses, and antilock brake modules and systems. Its major clutch products include master cylinders, slave cylinders, concentric slave cylinders, hoses and lines, pipe assemblies, and servos.

    Voice your opinion!

    To join the conversation, and become an exclusive member of FleetOwner, create an account today!

    Continue Reading

    Sponsored Recommendations

    Downtime is expensive. This guide shows you how to keep your eet running, reduce repair surprises, and protect your margins—because when your trucks aren’t moving, you’re not...
    Learn how fast oil changes can optimize vehicle downtime for fleet owners. Improve revenue and employee productivity while ensuring customer satisfaction with efficient maintenance...
    Unlock proven strategies to streamline operations, lead your team, and keep your eet moving forward – all in one guide.
    Commercial fleets bear a heavy burden from economic uncertainty, operational costs, and litigation risks. In-cabin video technology offers opportunities to reduce fleet expenses...