Dura to shed plastics business

DETROIT - Dura Automotive Systems Inc. of Rochester Hills, Mich., has entered an agreement to divest its plastic products business for about $41 million.

The transaction, which is subject to the purchaser receiving financing, is expected to close in the first quarter of 2002.

Dura considers the plastic products business noncore. The business has about 750 employees in three plants in Mishawaka, Ind., Bowling Green, Ky., and Jonesville, Mich. It has about $80 million annual revenue.

The deal is expected to result in a one-time charge of about $7 million in the fourth quarter.

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