Dana to Sell Hydraulics Unit

Dana Corp. will sell its Gresen hydraulic operations as a part of its overall strategic plan “to divest nonstrategic and nonperforming operations,” the company announced July 28.

Gresen manufactures a wide range of hydraulic pumps, motors, cylinders, control valves, filters and electronic controls for auxiliary equipment for on- and off-highway vehicles.

The company had sales of $135 million in 1998 and employs nearly 1,000 people at facilities in Greenville, S.C.; Minneapolis; Sarasota, Fla., and Cachoerinha, R.S., Brazil.

“Gresen is a solid performer,” said Nick Cole, president of Dana’s Off-Highway Systems Group. “But, as Dana focuses more on its core businesses, auxiliary power is becoming less strategic for us.”

Dana has retained the investment banking firm Morgan Stanley Dean Witter to assist in the transaction.

Dana, based in Toledo, Ohio, is an independent supplier to vehicle manufacturers and operates 330 facilities in 32 countries. In 1998, the company reported sales of $12.5 billion.

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