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FTE sale agreed

Dana Corporation has agreed to sell FTE, one of Europe's top brake and clutch systems manufacturers, to Hg Capital, a European private equity finance company.

With headquarters in Ebern, Germany, FTE expects 2002 sales to be in excess of $260m and employs 2850 people at five manufacturing facilities located in Ebern, Fischbach and Muehlhausen, Germany; Puebla, Mexico; Gravatai, Brazil; and at a warehouse in Paris. FTE also operates 14 sales offices globally.

FTE's primary 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.

Dana chairman and chief executive Joe Magliochetti says: “FTE is a respected business with solid product and brand reputation. But in the larger view, this move reinforces our desire to focus Dana's energies on core businesses and technologies, which are more central to our strategy of growth through innovation.

The transaction is subject to regulatory approval.

The terms of the acquisition agreement were not disclosed.

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