Sundram to Acquire Dana Spicer Forging Operations
Sundram to Acquire Dana Spicer Forging Operations
Jason Sandefur
Sundram Fasteners Ltd. has entered into a memorandum of understanding to purchase Dana Spicer Europe Ltd.�s precision forge unit in Cramlington, England. Terms of the deal � Sundram�s first overseas acquisition � were not disclosed. Cramlington Precision Forge is one of only three trade precision forge businesses in Europe capable of producing heavy-duty precision forged differential gears. Dana Spicer is part of the Automotive Aftermarket Group of the $10 billion Dana Corp. based in Toledo, OH.
Sundram hopes the acquisition helps it become competitive to meet the global forging demands of major companies such as GM and Cummins.
The announcement follows Chennai, India-based Sundram�s decision earlier this year to build a $5 million high tensile fastener facility in China. Sundram is part of TVS, a large component group in India with annual sales of $1.7 billion. Web: sundram.com �2003 FastenerNews.com
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