Tag Archive | "Dana"

DANA MAKES BID FOR GKN

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DANA MAKES BID FOR GKN


U.S-based car parts maker Dana has made a bid for embattled engineering giant GKN.

A report in the FT says that Dana will offer $6bn for the drivetrain division and will consider opening a secondary listing on the London stock exchange.

GKN’s drivetrain business combined with Dana’s existing contracts would give shareholders 47 percent of the world’s biggest drive system supplier with annual sales of $14bn according to the paper.

Jim Kamsickas, Chief Exec of Dana was clear that the combination of the two firm’s strengths in road vehicle engineering was undisputable. “It would be impossible to poke a hole in this industrially” he said.

The new bid is in addition to the hostile offer to shareholders from Melrose Industries, previously reported on. The board of GKN has rejected the bid, but shareholders are currently considering it.

However, the Melrose bit is neither popular with the management, nor some key clients. Tom Williams, CEO of Airbus has been quoted as saying that it would be ‘impossible’ to work with the engineering company under a short-term business model.

“The industry does not lend itself to shorter term financial investment which naturally reduces R&D, budgets and limits vital innovation,” he told the Reuters news agency.

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MANN+HUMMEL TO ACQUIRE AFFINA FILTERS BUSINESS

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MANN+HUMMEL TO ACQUIRE AFFINA FILTERS BUSINESS


Ludwigsburg-based filter manufacturer Mann+Hummel has signed a deal to acquire the filtration business of Affina International for an undisclosed sum.

Affina is best known in Europe for its Wix and Filtron brands. Allthough terms of the deal have not been made public, a statement from Mann+Hummel noted that the acquisition will add around US $1bn to its top line as well as enabling the German firm to gain a strong hold on the commercial filters market.

Commenting on the deal, Alfred Weber, President and Chief Executive Officer of Mann+Hummel, said: “This acquisition fits perfectly with our corporate strategy. It will enable us to grow globally and provide ample opportunity for growth and development for all of our people. Mann+Hummel’s and Affinia’s filtration business will serve customers better through a seamless, comprehensive portfolio ranging from passenger to heavy duty and industrial to hydraulic filtration solutions thanks to a combined 150 years of filtration expertise.”

The acquisition includes all of Affina’s markets apart from South Africa. Completion of the deal is subject to regulatory approval.

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