Oerlikon (SIX: OERL), a leading technology and engineering group, announced today that it has successfully concluded the sale of the Drive Systems Segment to Dana Incorporated (NYSE: DAN). The agreement to divest was signed and announced in July 2018. After receiving all 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,” said 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 manmade fibers businesses.”
The transaction frees 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. In the 2018 full-year financial statements, the drive systems business will be reported as discontinued operations. All financial details and impacts related to the closing of this sale will be provided with Oerlikon’s full-year financial announcement on March 5, 2019.