Dana Holding Corp. said it completed the sale of most its Structural Products assets to Mexico’s Metalsa, S.A.
Dana, Maumee, Ohio, said it could receive as much as $147 million for the unit’s assets in the United States and five other countries. Metalsa is a unit of Grupo Proeza.
“Completing the sale of the structural products business enables Dana to sharpen our focus and resources more squarely on product development and growth in our businesses serving the light, medium and heavy vehicle and off-highway markets,” James Sweetnam, chief executive officer of Dana, said in a March 8 statement. “This is a good fit for Metalsa.”
Dana, which continues to own a Structural Products facility in Longview, Texas, said it expects to complete the sale of its Venezuelan structural products business to Metalsa late this year.
Dana’s structural products business was responsible for $590 million, or about 11%, of Dana’s
revenue last year and has a total of 2,800 employees. Ten facilities and a joint venture in the United Kingdom are included in the sale.
The total price of the sale includes $127 million when completed, an additional $5 million on the first anniversary and $15 million in contingent revenue based on performance.
The U.S. company serves the North American truck market with axles, brakes and other products through a joint venture with Eaton Corp. known as Roadranger.
Metalsa makes a variety of truck parts including chassis frames, body structural stampings, side rails and other components for the Class 5-8 market. Its operations are conducted in India and Japan, as well as in North America.
