Dana Aftermarket Group changes hands--a little off-topic - Chevy Impala SS Forum
 
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post #1 of 4 (permalink) Old 07-12-2004, 02:39 PM
Navy Lifer
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Not sure what this means for the current situation with Dana supplying ACDelco parts, or for Raybestos brakes. Maybe nothing--transparent to the counter customer, or???

Dana to Pocket $1.1B in Sale of Aftermarket Business to Cypress Group

Situation
1. Dana Corp will sell its Automotive Aftermarket Group (AAG) for $1.1B
2. Buyer is Cypress Group LLC, a NY-based private equity group
3. Sale includes 52 facilities w/ 13K employees worldwide
4. Aftermarket group makes brakes, filters; had sales of $2B in 2003

Significant Points
1. 2 former execs of Echlin, which merged w/ Dana in 1998, will serve as directors
2. Sale will reduce debt, fund pensions and put cash in Dana's core business
3. Cypress Group has invested in other auto businesses, including Lear
4. More buyout firms looking at auto businesses; fierce bidding war for Dana unit reported
5. Dana's stock was $55 when it merged w/ Echlin; closed at $18.42 when sale announced
6. Dana was object of unsuccessful hostile takeover by ArvinMeritor

Web Source
http://www.automotivedigest.com/view...ticlesID=12964
http://www.aftermarketbusiness.com/a....jsp?id=103473
http://www.dana.com
http://online.wsj.com/article/0,,SB1...959490,00.html
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post #2 of 4 (permalink) Old 07-12-2004, 05:52 PM
Kevin Varnes
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Yeah, I saw that on just-auto.com today. None of the articles state specifically, but I am assuming that this will effect their suspension and driveline replacement parts as well. May have to stick with Fed-Mog parts for a while.
post #3 of 4 (permalink) Old 07-12-2004, 06:52 PM
bengston
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At least I got my stuff in time. [img]smile.gif[/img] Hopefully it won't matter.
 
post #4 of 4 (permalink) Old 07-14-2004, 11:08 AM
impalaman
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There will not be any change to the ACDelco product line-up currently. Dana and the new owners of the old Dana Brake and Chassis aftermarket still has contracts to be honored with GM.
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