Standard Motor Products Inc. has paid Dana Corp. $26.4 million to buy back its stock and to prepay an unsecured promissory note, the Long Island City, N.Y., replacement parts maker announced yesterday.
Standard Motor bought back nearly 1.38 million shares of its stock from the Toledo auto supplier and prepaid a promissory note of more than $15 million, it said. The shares and note initially were issued to Dana when the New York company bought the Toledo firm's engine management business in 2003, Standard Motor said.
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