TOLEDO, Ohio (July 9, 2004) — A New York private equity group has agreed to buy Dana Corp.'s Automotive Aftermarket Group (AAG) for about $1.1 billion in cash, the companies said.
The Cypress Group is expected to complete the sale, subject to closing conditions and regulatory approvals, within 45 to 90 days.
Companies being purchased by Cypress include Brake Parts Inc., Wix Global Filtration, Quinton Hazell (Europe) and Beck/Arnley. The businesses employ more than 13,000 people and posted sales of $2 billion in 2003.
“Having spent considerable time with people at the Cypress Group, we're certain that they have a very clear and bright vision of what our business should be,” said Terry McCormack, president of AAG. “All of us in the AAG are excited about the new opportunities that lie ahead.”
Dana announced in December that it was looking to sell the AAG to focus on the original equipment market. At the time, the company said proceeds from the sale could be used for reinvestment into core businesses, reduction of debt or contributions to the company's pension plans.