HPI Group is a hydraulics business jointly held by Apogee Group and EiM Capital.
The transaction includes operations in Italy, France, and Germany that produce industrial components, including hydraulic motors, pumps, valves, and power packs.
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 sale of our European hydraulics production facilities allows us to focus on industrial system sales while having access to a broader portfolio through a supply agreement," said Jeroen Decleer, senior vice president and president, Dana Off-Highway Drive and Motion Systems. "We look forward to continuing our relationship with HPI by selling and supplying hydraulic components through Dana's global network of service and assembly centres around the globe."
The transaction is expected to be completed in the first half of 2024.