Hendrickson completes Dana product acquisition
Gary Gerstenslager, president and chief operating officer of Hendrickson, announced that on January 5, they finalized its acquisition of the United States and Canadian trailer axle manufacturing assets of Dana Corporation.
The transaction included Hendrickson acquiring the operations and assets at the Dana trailer axle manufacturing plant in Lugoff, South Carolina. In addition, Hendrickson also purchased certain trailer axle manufacturing assets, including inventory from Dana Canada Corporation’s facility in Barrie, Ontario, Canada. The total purchase price, after inventory adjustment was $26.5 million.
Gerstenslager added that a Hendrickson International Corporation affiliate also established a $2 million escrow for the purchase of certain trailer axle production equipment, inventory and related assets from Dana’s Chinese subsidiary in Wuxi, China. Hendrickson plans to close on the purchase of the Chinese assets by the end of the first quarter.