Oerlikon sells Drive Systems Unit to Dana for $603.3 million
Earlier in the week, Dana Incorporation made an announcement that it has signed an agreement to buy the drive systems segment of the Oerlikon Group.
Oerlikon, a Swiss manufacturer has 3 segments, Manmade Fibers Segment, Drive Systems Segment and Surface Solutions Segment which produces high precision gears, planetary hub drives, and many other components.
Dana has made a strategic acquisition of the drive system unit for acceleration of hybridization and electrification. The terms of the agreement state that Dana Inc. would purchase the unit for 600 million Swiss francs($603.3 million). According to Maumee, an Ohio-based company, the acquisition is expected to close during the first quarter of 2019.
This acquisition would benefit Dana Inc. in many ways to extend its current technology portfolio. Dana can now have a portfolio of planetary hub drives for tracked and wheeled vehicles and also have helical gears for light and commercial vehicles markets.
Dana Inc. is over a century old and has sales of over $7.2 billion which provides gears and other products to the automotive, transport, agriculture, energy industries and construction industries.
Oerlikon has around 5900 employees in 10 manufacturing and engineering facilities in the United States, United Kingdom, China, India, and Italy. The company also has 2 more facilities which are under construction in China.
Categories: Automotive News