Dana Corporation has completed the sale of its automotive aftermarket businesses to Affinia Group Inc., an affiliate of the Cypress Group, for approximately $US1 billion, including roughly $950 million in cash and a seller’s note with a face value of $74.5 million.
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The sale encompassed 52 facilities employing approximately 13,000 people worldwide. Combined annual sales for these operations totalled approximately $2 billion in 2003. The transaction also involved several premier replacement product brands and a variety of under-vehicle components. The transaction did not include Dana’s distribution and marketing operations for its engine products, such as piston rings, gaskets, and engine bearings, which the company has retained as part of its Automotive Systems Group.
The Cypress Group is a New York based private equity group which manages two private equity funds with more than $3.5 billion in commitments.
