Dana seeks buyer for Quinton Hazell Group

Tier 1 auto supplier Dana Corporation (Toledo, OH) says it will sell its stake in the Quinton Hazell Group (Nuneaton, UK), a European auto aftermarket component manufacturer. The group, which had $275 million in sales last year, has 14 plants in nine countries.

"This announcement reflects Dana's strategy to focus on growing our foundation businesses and their supporting technologies," says Dana CEO Joe Magliochetti. Any revenues from the divestiture will primarily be used for investment in technologies and businesses that drive global growth and debt reduction, he says. Investment-banker Salomon Smith Barney has been hired to aid the transaction.

Edited by Norman Martin
Managing Editor, AutoCentral.com