Dana plans divestiture
TOLEDO, Ohio - Dana Corp. plans to sell its Australian Truckline Parts Centres business to International Trucks Australia Pty. Ltd., a subsidiary of Italian truck manufacturer Iveco S.p.A. Terms were not disclosed.
Truckline Parts, with 1998 sales of $36 million, is Australia's largest independent specialist distributor of heavy-duty parts. That business consists of 24 retail outlets and 13 repair and remanufacturing plants. The sale is Dana's fourth divestiture of the year.
BERU AG REJECTS CARLYLE
WASHINGTON - Carlyle Group Inc., a Washington, D.C., private equity firm with $4 billion to invest, was rejected in its bid to acquire Beru AG, a maker of sparkplugs for DaimlerChrysler AG.
Beru, of Ludwigsburg, Germany, said it is worth more than $515 million, not the $303 million Carlyle offered.
WYNN'S COMPLETES DEAL
ORANGE, Calif. - Wynn's International Inc., a supplier of O-rings, sealing products and specialty chemicals based in Orange, Calif., has completed the acquisition of Goshen Rubber Cos. Inc. Wynn's paid $88 million for privately held Goshen, of Goshen, Ind. The company makes O-rings, gaskets and other rubber, plastic and urethane products. Goshen posted revenues of $172.6 million for the fiscal year ended June 30, 1999.
SIEMENS UNIT ADDS SUPPLIER
REGENSBERG, Germany - Siemens Automotive, seeking a larger role in diesel injection systems, has acquired Mannesmann Rexroth AG. Mannesmann Rexroth posted 1998 sales of $29 million. The German company builds pumps for high-pressure fuel injectors.
In an unrelated move, Siemens has nearly completed its third expansion in two years with plans to occupy a 77,000-square-foot building in Troy, Mich. It will serve as an engineering and administrative office. The company said the growth of vehicle electronics is driving the expansion.