Dana agrees to sell non-core businesses

Jan 1, 2003 12:00 PM

Dana Corp has signed agreements with The Riverside Co, a leveraged buyout firm, to sell these non-core businesses:

Tekonsha Engineering Co, based in Tekonsha MI, a manufacturer of aftermarket electric brake controls and related products for the trailer, agricultural, and recreational markets. This transaction includes Dana's SurePull Products facility in Sheridan AR, which produces hitches and towing accessories.

Theodore Bargman Co, based in Albion IN, a manufacturer of exterior illumination products, electrical accessories, and locks and latches.

American Electronic Components Inc, based in Elkhart IN, a manufacturer of sensors, switches, and relays.

The combined operations employ nearly 700 people and had total sales of $81 million in 2001. Transactions are subject to customary closing conditions; terms of the agreements were not disclosed.