Dana Holding Corporation has announced it has completed the sale of its equity in two joint ventures to Getrag.
Proceeds from this transaction - $136 million in cash - will be used to further strengthen Dana's liquidity position and overall balance sheet.
The two joint ventures produce rear axle units, power takeoff units and all-wheel-drive systems for light vehicles.
"The sale of these interests represents a divesture of non-strategic assets," said Dana President and Chief Executive Officer Roger J. Wood. "Our ongoing focus will be on core strategic products in our On-Highway Driveline Technologies, Off-Highway Driveline Technologies and Power Technologies business units, including the development of proprietary all-wheel-drive products."
Dana is a world leader in the supply of driveline products (axles, driveshafts and transmissions), power technologies (sealing and thermal-management products), and genuine service parts for light and heavy duty vehicle manufacturers.
The company's customer base includes nearly every major vehicle manufacturer in the global automotive, commercial vehicle and off-highway markets.
New service and support model to drive innovation, value for customers
With acquisition of Getrag Driveline Products
Value-maximizing technology, innovation based solutions
Dana supplying efficient, lightweight Spicer axles with AdvanTEK gears for the company's new platform of sport-utility vehicles and small trucks.