Dana to Purchase Driveline Production Assets of SIFCO in Brazil
Dana Incorporated announced a definitive agreement to purchase the strategic assets of SIFCO S.A., a leading producer of forged and machined components in Brazil. Under the terms of the proposed purchase, Dana would acquire manufacturing and other assets of SIFCO. This deal will enable Dana to enhance its vertically integrated supply chain and improve the company’s cost structure and customer satisfaction by leveraging SIFCO's experience and knowledge of sophisticated forged components. The acquisition will also strengthen Dana's position as a central source for products that use forged and machined components throughout the region. The transaction is expected to be completed by the end of 2016.
“This is an opportune time to invest in strategic and selective assets in Brazil that will further strengthen our position as one of the most trusted, top-tier suppliers to the mobility industry – thus positioning us for future profitable growth throughout the region,” said James Kamsickas, president and CEO of Dana, which designs, manufactures and distributes products in Brazil for virtually every major global producer of passenger vehicles, commercial trucks and off-highway equipment.
“Dana has worked with SIFCO for 40 years as a supplier of key components used in vehicle drivelines," said Mark Wallace, president of Dana Commercial Vehicle Driveline Technologies. “This acquisition will add the talent and capabilities needed to help us meet the requirements of our commercial-vehicle customers and provide value for our light-vehicle and off-highway customers.”