Dana Corp. said yesterday it has completed the sale of certain parts of its North American fluid routing products business to a Chinese firm, including plants in Upper Sandusky and Wharton with 270 employees.
The buyer is Coupled Products LLC, a subsidiary of Wanxiang (USA) Holdings Corp.
The Toledo automotive parts supplier, which is in Chapter 1 1 bankruptcy, expects to record an after-tax loss of $44 million in the third quarter from the sale, it said in a U.S. Securities and Exchange filing yesterday. The sold unit makes steering, heating, and brake components.
Dana received approval from a bankruptcy judge in June to sell the plants. The two were among various operations the company has been trying to sell for two years. Many others have been sold.
Wanxiang (USA ) Holdings has been trying to buy operations of bankrupt U.S. auto parts producers.