Private equity group to buy Dana’s automotive aftermarket business

From Rubber & Plastics News

Toledo, Ohio-Dana Corp. plans to sell its automotive aftermarket business to New York-based private equity firm Cypress Group for about $1.1 billion in cash.

Proceeds from the sale will be used for a combination of reinvestment in the company’s core businesses, contribution to its pension plans and further reduction of debt, according to Michael Burns, Dana chairman and CEO.

The sale, expected to close in the third quarter, includes 52 facilities and 13,000 employees. Combined annual sales for the aftermarket operations…

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