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Dana Finds a Buyer for Engine-Parts Business

Dana Finds a Buyer for Engine-Parts Business

Wednesday, December 6, 2006
 
The Mahle Group, headquartered in Stuttgart, Germany, has entered into a stock and asset purchase agreement with Dana Corp. for the acquisition of Dana’s engine hard parts business. The agreement includes the acquisition of all worldwide units of Dana’s engine hard parts business by Mahle, including the Clevite aftermarket organization. In connection with the transaction, the parties will enter into ancillary agreements including an agreement granting Mahle exclusive distribution rights to Dana’s retained Victor Reinz branded products in the independent aftermarket in the United States and Canada. As a standard part of the bankruptcy process, Dana will allow other parties to make competitive bids for the engine hard parts business and there may be an auction at which Dana, Mahle and any other bidders will participate. Says Prof. Dr. Heinz K. Junker, Mahle CEO: “The acquisition would complement our worldwide market position particularly in the areas of piston rings and engine bearings, as well as in the aftermarket for engine parts.”

 

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