DETROIT — Dura Automotive Systems Inc. divested its steering gear business.
The plant’s managers acquired the business. No money is involved in the deal, but the new owners will take over some of the operation’s liabilities. They will concentrate on nonautomotive business.
The steering gear business has about 200 employees in Woodley, England, and has annual revenue of about $20 million. The sale will result in a one-time charge for Dura of about $22 million in the second quarter.