Dana Corporation has signed agreements with The Riverside Company, a leveraged buyout firm, to sell three of its non-core businesses.
The three companies – Tekonsha Engineering, Theodore Bargman, and American Electronic Components – employ nearly 700 people and had total sales of $81 million in 2001.
Tekonsha Engineering, located in Tekonsha, MI, is a manufacturer of aftermarket electric brake controls and related products for the recreation, agricultural, and trailer markets. Theodore Bargman, based in Albion, IN, is a manufacturer of exterior illumination products, electrical accessories, and locks and latches. American Electronic Components, based in Elkhart, IN, is a manufacturer of sensors, switches and relays.
The transaction also includes Dana’s SurePull Products facility in Sheridan, AR which produces hitches and towing accessories.
Dana Chairman and CEO Joe Magliochetti said, ‘the decision to sell these operations is consistent with Dana’s long-term strategy of focusing on core products. These actions focus us even more sharply on our automotive, commercial vehicle, and off-highway customers.’
Terms of the agreements were not disclosed.