Dana sells FTE operation

Dana Corporation announced today that it has signed a definitive agreement to sell its FTE brake and clutch actuation systems operations to HgCapital.

Dana Corporation announced today that it has signed a definitive agreement to sell its FTE brake and clutch actuation systems operations to HgCapital, a European private equity finance company.

FTE is a manufacturer of 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 approximately 2,850 people at five manufacturing facilities, located in Ebern, Fischbach, and Muhlhausen, Germany; Puebla, Mexico; and Gravatai, Brazil; and at a warehouse in Paris, France.

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

The transaction is subject to customary regulatory approvals. Terms of the agreement were not disclosed.