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Published: Tuesday, 12/3/2002

European brake unit to be sold by Dana

Toledo's Dana Corp. has agreed to sell a $260 million Germany-based brake and clutch systems operation for an undisclosed sum as the auto supplier concentrates on its core businesses, the company announced yesterday.

HgCapital, a European private equity finance company, has signed a definitive agreement to buy Dana's FTE operations. FTE has 2,850 employees at factories in Germany, Mexico, and Brazil and at a warehouse in France.

The transaction is subject to regulatory approval.

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