The BFGoodrich Company (Charlotte, North Carolina) is acquiring Dana Corporation's (Toledo, Ohio) Glacier Industrial Bearings division. BFGoodrich will merge Glacier Industrial into their Garlock Bearings division, but maintain the Glacier name in the market. Dana's Glacier Vandervell engine bearings operation is not involved in the transaction.

BFGoodrich's Garlock division manufactures self-lubricated polymer bearings and has annual sales of approximately USD $50 million. The Glacier Industrial division being acquired has annual sales of approximately $100 million, tripling Garlock's annual sales to approximately $150 million. Markets served by the companies include agricultural, construction equipment, recreational equipment, refrigeration compressors, hydraulic pumps and valves, and aerospace equipment.

The transaction is expected to close in the third quarter of 2001. No other details were given regarding transaction price or timing.

Garlock and Glacier have long maintained strategic business agreements and operations, including joint technology development and even some manufacturing activities. One operation being wholly acquired is a joint venture which manufactures and sells metal-backed polymer bearings.

In the transaction, BFGoodrich will be acquiring Glacier's polymer bearing manufacturing operations in Kilmarnock, Scotland; Annecy, France and Dolny Kubin, Slovakia, along with Glacier Industrial manufacturing plants in Heilbronn, Germany and Sao Paulo, Brazil. Also included are a pillow block manufacturing facility in Dieuze, France and all of the industrial polymer bearing research facilities located within Dana's Cawston, England facility. Dana's international sales and technical support organization will also be absorbed by Garlock. Approximately 800 people now work for Glacier Industrial.

Joe Magliochetti, Dana's Chairman and CEO, said, "The decision to sell a recognized and respected product line is never easy. But in the longer term, the decision to divest the industrial polymer bearings business is consistent with Dana's long-term strategy of growth through innovation in the global vehicular market."

Ernie Schaub, BFGoodrich President and CEO of Industrial Products, said, "This acquisition meets or exceeds all the strategic criteria we established for expanding our industrial operations. Goodrich immediately establishes a major worldwide franchise in a significant market with 30,000 additional customers, while acquiring the facilities, people, products, and technology to grow profitably in the future."

Bill Walthall, Group Vice President of Engineered Products at BFGoodrich, said, "The introduction of new, more durable materials, including those immediately available through the acquisition and ones under development, should widen the performance advantage of polymer bearings and allow equipment designers to accelerate the transition to these low-maintenance, high-value products for an increasing range of industrial applications. With the technology base and research and development capabilities acquired from Dana, we will be able to strengthen our materials development programs and take greater advantage of the trend towards self-lubricated bearings."

Dana Corporation is a $23 billion supplier of parts to the automotive and truck manufacturing industry. BFGoodrich Company is a $4.4 billion manufacturer of diversified industrial products and highly engineered aerospace components.