London, 21 February 2024, (Oilandgaspress): –Dana Incorporated (NYSE: DAN) announced today that, as part of an ongoing evaluation of its operations and product portfolio, the company has entered into a definitive agreement to sell its European hydraulics business to HPI Group, a hydraulics business jointly held by Apogee Group and EiM Capital.
The transaction is expected to be completed in the first half of 2024, subject to regulatory approvals and customary closing conditions.
The transaction includes operations in Italy, France, and Germany that produce industrial components, including hydraulic motors, pumps, valves, and power packs. In 2023, the business generated approximately $90 million in sales to external customers.
Under the terms of the agreement, Dana will enter into a supply agreement whereby the newly combined hydraulics business will continue to provide components to Dana.
“The sale of our European hydraulics production facilities allows us to focus on industrial system sales while having access to a broader portfolio through a supply agreement,” said Jeroen Decleer, senior vice president and president, Dana Off-Highway Drive and Motion Systems. “We look forward to continuing our relationship with HPI by selling and supplying hydraulic components through Dana’s global network of service and assembly centers around the globe.”
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