kscarbel2 Posted October 13, 2016 Share Posted October 13, 2016 Transport Topics / October 12, 2016 Commercial vehicle supplier Dana Inc. said it has a definitive agreement to purchase strategic assets of Sifco S.A., a leading Brazilian producer of forged and machined components, such as those used in commercial vehicle drivelines and suspensions. Under the terms of the proposed purchase, it would acquire manufacturing and other assets of Sifco, Dana said. “For nearly 70 years, Dana has operated in Brazil, which has long been one of the top ten economies in the world,” said Dana CEO James Kamsickas. “This is an opportune time to invest in strategic and selective assets in Brazil that will further strengthen our position as one of the most trusted, top-tier suppliers to the mobility industry — thus positioning us for future profitable growth throughout the region.” Also, by expanding manufacturing capabilities in Brazil, the acquisition will also enable Dana to help vehicle manufacturers better accommodate local content requirements, which reduce import and other region-specific costs, the Maumee, Ohio-based company said. “Dana has worked with Sifco for 40 years as a supplier of key components used in vehicle drivelines,” said Mark Wallace, president of Dana Commercial Vehicle Driveline Technologies. “This acquisition will add the talent and capabilities needed to help us meet the requirements of our commercial-vehicle customers and provide value for our light-vehicle and off-highway customers, as well.” Sifco has operated under judicial restructuring since 2014, and the transaction is subject to closing conditions, including bankruptcy court and regulatory approvals. Final financial terms of the agreement are subject to the outcome of closing conditions, and the transaction is expected to be completed by the end of 2016. Quote Link to comment Share on other sites More sharing options...
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