US giant Dana Corporation intends to divest its UK based Quinton Hazell Group, an independent manufacturer and distributor of automotive aftermarket components.
Headquartered in Nuneaton, UK, the group operates 14 facilities in nine countries and has sales of $275 million in 1999.
‘This announcement reflects Dana’s strategy to focus on growing our foundation businesses and their supporting technologies,’ said Dana Chairman and CEO Joe Magliochetti.
‘Quinton Hazell presents a tremendous opportunity for a purchaser looking to develop or expand its automotive aftermarket capability in Europe.’
Dana has retained the investment-banking firm of Salomon Smith Barney to assist in the transaction.
In accordance with its Five-Point Plan, Dana has intensified its focus on its foundation businesses by aggressively pursuing the divestiture of those that are considered non-strategic.
Proceeds from this and other previously announced divestitures will be used primarily for investment in those technologies and businesses that will drive Dana’s global growth and debt reduction.
Dana Corporation is on the web at www.dana.com