Dana Corp has signed a definitive agreement to sell its FTE brake and clutch actuation systems operations to HgCapital, a European private equity finance company.
FTE manufactures brake and clutch actuation systems for vehicular markets. Headquartered in Ebern, Germany, the FTE operations expect 2002 sales in excess of $260 million. FTE employs about 2,850 people at five manufacturing facilities in Ebern, Fischbach, and Muhlhausen, Germany; Puebla, Mexico; and Gravatai, Brazil; and at a warehouse in Paris, France. The firm also operates 14 sales offices globally.
The transaction is subject to customary regulatory approvals. Terms of the agreement were not disclosed.