HPI Group entered into a definitive agreement to acquire European hydraulics business of Dana Inc. from Dana Incorporated (NYSE:DAN) for approximately $40 million on February 21, 2024. The sale price is subject to adjustment based on net working capital and net financial position balances as of the closing date. The transaction includes operations in Italy, France, and Germany that produce industrial components, including hydraulic motors, pumps, valves, and power packs.

In 2023, the business generated approximately $90 million in sales to external customers. Under the terms of the agreement, Dana will enter into a supply agreement whereby the newly combined hydraulics business will continue to provide components to Dana. The transaction is expected to be completed in the first half of 2024, subject to regulatory approvals and customary closing conditions.

As of April 30, 2024 the sale is expected to close during the second quarter of 2024.