Eaton concludes purchase of Dana clutch business
CLEVELAND, OH....Eaton Corporation (NYSE:ETN) today said it has concluded the purchase of Dana Corporation's (NYSE:DCN) clutch business for $180 million.
On July 9, 1997, the two companies announced the signing of definitive agreements whereby Eaton would purchase Dana's worldwide clutch business, and Dana would purchase Eaton's worldwide axle and brake business. The agreements were subject to the due diligence process and normal governmental approvals.
Dana's Spicer® Clutch Division, which had 1996 sales of about $200 million, is a leader in the development of medium- and heavy-duty truck clutches and vibration dampers. The division, which will become part of Eaton's Truck Components Operations-Worldwide, consists of 675 employees at nine locations in five countries. Eaton said at the time of the July announcement that the clutch acquisition would, in part, give the company the worldwide capability to meet demands from customers for systems solutions to their heavy truck drivetrain needs.
The sale of Eaton's Axle and Brake Division to Dana continues to undergo the due diligence and government review process.
Eaton Corporation is a global manufacturer of highly engineered products which serve industrial, vehicle, construction, commercial and semiconductor markets. Principal products include electrical power distribution and control equipment, truck transmissions and axles, engine components, hydraulic products, ion implanters and a wide variety of controls. Headquartered in Cleveland, the company has 55,000 employees and 155 manufacturing sites in 26 countries around the world. Sales for 1996 were $7 billion.