TOLEDO, Ohio, Oct 29 (Reuters) - Auto parts maker Dana Corp. said on Tuesday that it had agreed to sell three businesses in order to concentrate on core products as it continues its restructuring.
Terms of the sale of Tekonsha Engineering Co., of Tekonsha, Mich., Theodore Bargman Co., of Albion, Ind. and American Electronic Components, Inc., of Elkhart, Ind., to The Riverside Co., a leveraged buyout firm, were not revealed.
Dana said the businesses had combined operations employing nearly 700 people and had total sales of $81 million in 2001.
"The decision to sell these operations is consistent with Dana's long-term strategy of focusing on core products," said Chairman and Chief Executive Officer Joe Magliochetti. "These actions focus us even more sharply on our automotive, commercial vehicle and off-highway customers."
Last week, Dana said quarterly earnings fell after the latest in a series of charges taken during a year-long restructuring campaign. The company has cut about 9 percent of its work force, closed 18 facilities and announced plans to close 16 others since the restructuring began. It expects to complete most of the actions by year-end.