Dana Corp. said yesterday it is selling its trailer axle manufacturing business to Hendrickson USA LLC, a subsidiary of the Boler Co., for $38 million.
Under the terms, the Woodbridge, Ill. buyer will acquire all or part of operations in Lugoff, S.C.; Barrie, Ontario; and Wuxi, China. The unit makes heavy-duty trailer axles and suspensions. The buyer will assume certain liabilities, too.
The transaction is subject to the approval of the U.S. Bankruptcy Court in Manhattan, which is overseeing Dana s Chapter 11 reorganization. The company expects the sale to close before year s end.
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