TOLEDO, Ohio (Dec. 2, 2004) — Dana Corp. has finalized the sale of its automotive aftermarket business for about $1 billion.
Affinia Group Inc., an affiliate of the Cypress Group, bought the business. The sale price includes roughly $950 million in cash and a seller's note with a face value of $74.5 million, Dana said. The sale encompasses 52 facilities employing about 13,000 people. Combined annual sales for the operations reached about $2 billion in 2003.
“The sale provides Dana with important strategic and financial flexibility,” said Michael Burns, Dana chairman and CEO.