Dana Inc. (DAN), Friday announced that the company has completed sale of its Off-Highway business to Allison Transmission Holdings, Inc. (ALSN) for $2.7 billion.
The company expects this divestiture, along with cost-reduction plan, to strengthen balance sheet, improve margins, reduce complexity, and accelerate innovation and growth in core markets.
Dana intends to use the proceeds for debt reduction by approximately $2 billion, and return $1 billion to shareholders through 2027.
In the pre-market hours, DANA's stock is trading at $24.08, up 1.35 percent on the New York Stock Exchange.
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