Dura Automotive (NASDAQ:DRRA)
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DURA Automotive Systems, Inc. (Nasdaq:DRRA), today announced that it has
completed the divestiture of DURA Automotive Systems Köhler
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 Köhler 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 Köhler
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 Köhler
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.