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Maumee, Ohio, February 21, 2024 /PRNewswire/ — Dana Incorporated (NYSE: DAN) today announced that it has entered into a definitive agreement to sell its European hydraulics business to HPI Group of Hydraulics businesses as part of the company’s continued evaluation of its business and product portfolio. Did. Jointly owned by Apogee Group and EiM Capital.
The transaction is expected to close in the first half of 2024, subject to regulatory approvals and customary closing conditions.
A transaction includes the following operations Italy, Franceand Germany The company manufactures industrial components such as hydraulic motors, pumps, valves, and power packs. In 2023, this business will be approximately $90 million In sales to external customers.
Under the terms of the agreement, Dana will enter into a supply agreement under which the newly combined hydraulics business will continue to supply components to Dana.
“The sale of our European hydraulic production facilities allows us to expand our industrial systems portfolio while accessing a broader portfolio through supply agreements,” said Jeroen DeClair, senior vice president and president, Dana Off-Highway Drive and Motion Systems. I can now concentrate on sales.” “We look forward to continuing our relationship with HPI by selling and supplying hydraulic components through Dana’s global network of service and assembly centers around the world.”
About Dana Incorporated
Dana is a leader in the design and manufacture of highly efficient propulsion and energy management solutions that power vehicles and machinery in all mobility markets around the world. The company shapes sustainable progress through traditional and clean energy solutions that support nearly every vehicle manufacturer with their drive and motion systems. Electrodynamic technology including software and control. It also includes thermal, sealing and digital solutions.
to the original Maumee, OhioUnited States, the company reported the following sales: $10.6 billion By 2023, there will be 42,000 participants in 31 countries on six continents. With a history dating back to 1904, Dana was named one of the 2023 “World’s Most Ethical Companies” by Ethisphere and one of America’s Most Responsible Companies 2023 by Ethisphere. was selected. newsweek. Driven by a high-performance culture focused on valuing others, inspiring innovation, growing responsibly and winning together, we are recognized globally as a top employer. It is being For more information, visit dana.com.
About HPI
Founded in 1966, it is based in nearby Chennevières-sur-Marne. Paris, HPI specializes in the design and production of hydraulic components based on external gear pump technology. HPI, jointly acquired by EiM Capital and Apogee Group from Toyota Group in 2022, has 200 employees and world-class development and testing capabilities.
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SOURCE Dana Incorporated
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