U.S. Bankruptcy Court on Wednesday, June 6, approved the sale of two business units by troubled auto supplier Dana Corp. to Turkish and Chinese buyers.
Dana will sell its fluid products, hose and tubing business for $85 million to Orhan Holding AS, a Turkish industrial firm and joint-venture partner of Dana. The business generated $266 million in revenue in 2006 and employs about 1,750 people in seven countries.
Also, Coupled Products Acquisition LLC, a unit of Chinese supplier Wanxiang (USA) Holdings Corp., has purchased Dana's coupled product business for a "nominal price," Dana said in a statement.
The coupled product business includes power-assisted steering products; heating, ventilation and air conditioning underengine products; and brake products. It posted about $200 million in revenue in 2006 and employs 2,130 people in the United States and Mexico.
Dana first put the two businesses for sale in late 2005. The deals are expected to close by the end of July. Dana filed for Chapter 11 bankruptcy in March 2006.
Dana, of Toledo, Ohio, ranks No. 17 on the Automotive News list of the top 100 global suppliers with worldwide original-equipment automotive parts sales of $8.61 billion in 2005.
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