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Dana Holding buys businesses from Brevini Group

Published 11/18/2016, 07:11 AM
Dana Holding buys businesses from Brevini Group
DAN
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  • Dana (NYSE:DAN) announces that it landed the power-transmission and fluid power businesses of Brevini Group, S.p.A.
  • Under terms of the agreement, Dana plans to initially purchase an 80% share in the Brevini businesses, with an option to purchase the remaining 20% by 2020.
  • Dana has valued 100% of the Brevini businesses at €325M ($345.3M), including the assumption of approximately €100M ($106.3M) of debt.
  • "Brevini is a strong, well-run business that shares Dana's commitment to serving customers with advanced technologies that deliver exceptional performance and durability," says Dana CEO James Kamsickas.
  • The company says the transaction will be funded with cash on hand, with existing Brevini debt to be refinanced in the future.
  • Dana expects the purchase to be accretive to earnings in 2017.
  • Source: Press Release


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