Dura Automotive To Shed Its Plastic Products Business.(Brief Article)

Dura Automotive Systems, Inc., said it will divest its Plastic Products Business for total proceeds of approximately $41.0 million. The transaction, which is subject to various conditions of closing, is expected to close in the first quarter of 2002, the company said.

This divestiture is in continuation of the company's strategic plan designed to focus on core businesses, the company added.

The Plastic product business is a fabrication process that is non-essential to Dura's internal capabilities, the company said. The Plastic product business designs, engineers, and manufactures plastic components for a wide variety of automotive vehicle applications, focusing on the metal to plastic conversion and dual plastic applications markets, according to Dura. This business employs approximately 750 people in three facilities located in Mishawaka, Indiana, Bowling Green, Kentucky and Jonesville, Michigan and generates approximately $80 million in annual revenue, Dura said.

The company's products include door modules, parking brake systems, automotive cables, transmission shifter systems, encapsulated and sliding windows, window regulators, hinges, latches, seating systems, engine control products, underbody tire carriers, jacks, brake, clutch and accelerator pedals and other mechanical assemblies.

Dura said its products are sold to every North American, European and Japanese original equipment manufacturer, including Ford, General Motors, DaimlerChrysler, Volkswagen, BMW, Toyota, Honda, Nissan, PSA and Renault.

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