Dana to Pocket $1.1B in Sale of Aftermarket Business to Cypress Group

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Dana Cor­po­ra­tion will sell its Auto­mo­tive After­mar­ket Group (AAG) for $1.1 bil­lion to Cypress Group LLC, a New York-based pri­vate equi­ty group. The sale includes 52 facil­i­ties with 13,000 employ­ees world­wide. AAG makes brakes and fil­ters. Dana had sales of $2 bil­lion in 2003. The sale will reduce debt, fund pen­sions and put cash in Dana’s core busi­ness.