Dana completes sale of FTE operations

Dana Corp has completed the sale of its FTE brake and clutch actuation systems operations to HgCapital, a European private equity finance company.

The transaction included FTE's five manufacturing facilities in Germany, Mexico, and Brazil, as well as its 14 sales offices. Ebern, Germany-based FTE operations employ approximately 2,850 people.

Net cash proceeds for the transaction total about $150 million. Dana will record an after-tax gain of some $24 million in fourth-quarter 2002 related to the transaction.

FTE's primary brake products include master cylinders, wheel cylinders, brake boosters and hoses, and antilock brake modules and systems. Its major clutch products include master cylinders, slave cylinders, concentric slave cylinders, hoses and lines, pipe assemblies, and servos.

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