Dana Inc. (DAN), a provider of highly engineered solutions, announced Monday that it has signed a definitive agreement to buy the Drive Systems segment of the Oerlikon Group for 600 million Swiss francs or approximately $600 million.
The company noted that committed financing has been arranged to complete the transaction, which will be immediately accretive to earnings upon closing.
Subject to customary regulatory approvals, the acquisition is expected to close in late 2018 or the first quarter of 2019.
Consistent with Dana's enterprise strategy, the acquisition of Oerlikon Drive Systems provides numerous opportunities to drive profitable growth, the company noted.
Founded in 1919, Oerlikon Drive Systems generated revenue of 730 million francs in 2017. The business employs approximately 5,900 people and operates 10 manufacturing and engineering facilities in China, India, Italy, the United Kingdom, and the United States, with two additional facilities under construction in China.
The business serves original-equipment manufacturers including Ashok Leyland, Aston Martin, BMW, Daimler, John Deere, Ferrari, Fiat Chrysler,Volkswagen, and AB Volvo, among others.
Jim Kamsickas, president and chief executive officer of Dana, said, "A great fit culturally, this investment will deliver significant long-term value by accelerating our commitment to vehicle electrification and strengthening the technology portfolio for each of our end markets while further expanding and balancing the manufacturing presence of our off-highway business in key geographical markets."
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