DURA Automotive Completes Divestiture of a German Manufacturing Business
September 25 2006 - 11:23AM
Business Wire
DURA Automotive Systems, Inc. (Nasdaq:DRRA), today announced that
it has completed the divestiture of DURA Automotive Systems K�hler
GmbH, based in Lippstadt, Germany, to an entity controlled by
HANNOVER Finanz Group, headquartered in Hanover, Germany. The
divestiture is part of DURA�s evaluation of strategic alternatives
for select German operations, as previously announced on February
9, 2006. The DURA K�hler business employs approximately 255 people
and generated annual revenues of approximately $58.2 (EUR 45.8)
million. The business is a leading automotive supplier of
decorative stainless and mild steel parts, including components and
assemblies for hinge and door reinforcements, fuel systems, gear
and steering assemblies and corrosion testing equipment. �Although
DURA K�hler has been an important contributor to DURA Automotive
for many years, we believe this divestiture is in the best
interests of the company and our stakeholders, as we focus on
achieving our restructuring goals,� said Larry Denton, chairman and
chief executive officer of DURA. About HANNOVER Finanz Group The
HANNOVER Finanz Group, founded in 1979, is a sought-after private
equity partner for medium-sized enterprises of all industries. The
private equity company ranks among the top providers of venture
capital in Germany. Well-known businesses have made use of its
management consultancy services. Medium-sized and owner-managed
enterprises choose HANNOVER Finanz for its long-term commitment.
Transactions up to 150 million Euros can be financed. As the
Group�s funds are �evergreens� with unlimited duration, there is no
pressure to divest the holdings in the short or medium term. The
capital is supplied by large institutional investors in the banking
and insurance sectors. Currently, the HANNOVER Finanz Group has
capital investments of about 450 million Euros, spread across 60
companies. Since its foundation the group has invested an
accumulated total of over 1 billion Euros, and has successfully
completed more than 150 projects. About DURA Automotive Systems,
Inc. DURA Automotive Systems, Inc., is a leading independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies, structural
door modules and exterior trim systems for the global automotive
industry. The company is also a leading supplier of similar
products to the recreation vehicle (RV) and specialty vehicle
industries. The company had 2005 sales of $2.35 billion. DURA sells
its automotive products to every North American, Asian and European
original equipment manufacturer (OEM) and many leading Tier 1
automotive suppliers. DURA is headquartered in Rochester Hills,
Mich. Information about DURA and its products is available on the
Internet at www.duraauto.com. NOTE TO EDITORS: The "o" in K�hler
should have an umlaut. This symbol may not appear properly in some
systems. DURA Automotive Systems, Inc. (Nasdaq:DRRA), today
announced that it has completed the divestiture of DURA Automotive
Systems Kohler GmbH, based in Lippstadt, Germany, to an entity
controlled by HANNOVER Finanz Group, headquartered in Hanover,
Germany. The divestiture is part of DURA's evaluation of strategic
alternatives for select German operations, as previously announced
on February 9, 2006. The DURA Kohler business employs approximately
255 people and generated annual revenues of approximately $58.2
(EUR 45.8) million. The business is a leading automotive supplier
of decorative stainless and mild steel parts, including components
and assemblies for hinge and door reinforcements, fuel systems,
gear and steering assemblies and corrosion testing equipment.
"Although DURA Kohler has been an important contributor to DURA
Automotive for many years, we believe this divestiture is in the
best interests of the company and our stakeholders, as we focus on
achieving our restructuring goals," said Larry Denton, chairman and
chief executive officer of DURA. About HANNOVER Finanz Group The
HANNOVER Finanz Group, founded in 1979, is a sought-after private
equity partner for medium-sized enterprises of all industries. The
private equity company ranks among the top providers of venture
capital in Germany. Well-known businesses have made use of its
management consultancy services. Medium-sized and owner-managed
enterprises choose HANNOVER Finanz for its long-term commitment.
Transactions up to 150 million Euros can be financed. As the
Group's funds are "evergreens" with unlimited duration, there is no
pressure to divest the holdings in the short or medium term. The
capital is supplied by large institutional investors in the banking
and insurance sectors. Currently, the HANNOVER Finanz Group has
capital investments of about 450 million Euros, spread across 60
companies. Since its foundation the group has invested an
accumulated total of over 1 billion Euros, and has successfully
completed more than 150 projects. About DURA Automotive Systems,
Inc. DURA Automotive Systems, Inc., is a leading independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies, structural
door modules and exterior trim systems for the global automotive
industry. The company is also a leading supplier of similar
products to the recreation vehicle (RV) and specialty vehicle
industries. The company had 2005 sales of $2.35 billion. DURA sells
its automotive products to every North American, Asian and European
original equipment manufacturer (OEM) and many leading Tier 1
automotive suppliers. DURA is headquartered in Rochester Hills,
Mich. Information about DURA and its products is available on the
Internet at www.duraauto.com. NOTE TO EDITORS: The "o" in Kohler
should have an umlaut. This symbol may not appear properly in some
systems.
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