Oerlikon, a leading technology and engineering group, has announced the sale of its Drive Systems Segment to Dana Incorporated. The agreement to divest was signed and announced in July 2018, and after receiving the required regulatory approvals and satisfying all closing conditions, the closing of the sale is now successfully completed.
“The closing of the transaction marks the next milestone in the execution of our strategy,” stated Dr Roland Fischer, CEO of Oerlikon Group. “Following the sale, we will now concentrate our efforts and resources in sustaining the growth and performance of our surface solutions and man-made fibres businesses.”
The transaction is said to free up resources for Oerlikon to fund innovation, invest in organic and inorganic growth and to further implement digital and operational excellence initiatives to drive future growth. The transaction has an enterprise value of CHF 600 million (approx €530 million).