Dana Corp, based in Toledo OH, has entered into a stock and asset purchase agreement for the sale of its non-core fluid products hose and tubing business to Orhan Holding AS, a Turkish industrial firm and joint-venture partner of Dana.
The agreement provides for Orhan and some of its affiliates to acquire certain assets of Dana's fluid products hose and tubing business and the stock of certain Dana affiliates engaged in the business. The assets to be sold are in three plants in the United States and one each in Mexico and the United Kingdom. Dana also will sell its stock in three companies in France, Slovakia, and Spain, and interests in three joint ventures with Orhan Holdings, which include one operation in France and two in Turkey.
Closing of the transaction is subject to the approval of the United States Bankruptcy Court for the Southern District of New York, which has jurisdiction over Dana's Chapter 11 reorganization proceedings; government regulatory approvals; and customary closing conditions.
Dana expects to complete bidding and to close the sale of the entire fluid products business in second quarter 2007.