DANA acquired Eaton Corporation's global heavy axle and brake business for $287 million, a transaction announced in July 1997, structured as Purchase of Eaton's worldwide axle and brake operations, paired with a marketing relationship under which Eaton would market a complete heavy-duty Class 8 Eaton-Spicer drivetrain system; completed in January 1998..
Eaton Corporation's global heavy axle and brake business operates in Commercial-Vehicle Driveline (Spicer Heavy Axle and Brake), is based in United States (Kentucky, Ohio, Tennessee), Argentina, England, Mexico and Spain. Dana purchased the worldwide medium- and heavy-duty axle and brake operations of Eaton Corporation, adding manufacturing plants in Glasgow, Henderson (Kentucky), Marion (Ohio) and Humboldt (Tennessee) in the United States plus facilities in Argentina, England, Mexico and Spain, along with axle and brake research and development assets in Galesburg, Michigan and joint-venture interests in Venezuela and India. The operations employed about 3,400 people and had estimated 1997 sales of roughly $625 million. Regulatory approval was received in December 1997 and the purchase was completed in January 1998.
Add world-class medium- and heavy-duty axle and brake manufacturing that complements and deepens Dana's global axle product line and its largest core business, while extending Dana's international footprint in North America, Europe and South America.
The medium- and heavy-duty axles we will gain from Eaton complement and add depth to our global axle product offering.Southwood J. Morcott, Chairman, Dana Corporation
Advisory firms were not disclosed for this transaction.