| Dana Corporation (NYSE: DCN) announced today that it has signed an agreement to sell the majority of its Boston Weatherhead industrial hose and fitting operations to Eaton Corporation (NYSE: ETN).
The transaction will include the sale of:
* Manufacturing facilities in Columbia City, Ind.; Ludlow, Mass.; Vinita, Okla.; Hohenwald, Tenn.; and Newbern, Tenn.
* Distribution centers in Montebello, Calif.; Columbus, Ohio; and Cleveland, Tenn.
* A division office in Brentwood, Tenn.
* Certain assets from manufacturing facilities in Pelahatchie, Miss., and Antwerp, Ohio.
In 2001, Dana's industrial hose and fitting operations had sales of $207 million and, at year-end, 1,049 employees. The transaction is subject to regulatory approvals and other customary closing conditions. Terms of the agreement were not disclosed.
Dana Chairman and CEO Joe Magliochetti said, "Divesting Boston Weatherhead is consistent with Dana's long-term strategy of focusing on core products - axles, drive shafts, structural systems, brake and chassis products, fluid systems, filtration products, and bearings and sealing systems. We believe this business and its people are better served as part of a company that is committed to the industrial marketplace."
Mike Laisure, president of Dana's Engine and Fluid Management Group, said, "The decision to sell this operation was difficult in light of its reputation and respect in the industrial marketplace. However, this action positions us to focus even more sharply on meeting the needs of our automotive, commercial vehicle, and off-highway customers."
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