Dana Clears Final Approvals to Sell Off-Highway Business to Allison Transmission

Dana Incorporated (NYSE:DAN) and Allison Transmission Holdings, Inc. (NYSE:ALSN) today announced that all required regulatory approvals related to the previously announced sale of Dana's Off-Highway business to Allison have been received. The parties intend to close the transaction at or near the end of this year.

"This milestone marks a significant step forward in our transformation strategy," said R. Bruce McDonald, Chairman and Chief Executive Officer of Dana. "Finalizing this transaction with Allison, a company well-positioned to continue the success of our Off-Highway business, has enabled us to return $600 million to shareholders this year and positions us to reduce debt by approximately $2 billion next year."

David S. Graziosi, Chairman and Chief Executive Officer of Allison Transmission, added, "We look forward to welcoming the Off-Highway Drive and Motion Systems team and integrating their capabilities into the organization. This acquisition aligns with our long-term growth strategy and strengthens our position in the global off-highway market."

The transaction is targeted to close at or near the end of this year, subject to final customary closing procedures.