Dana obtains court approval of $75,000 sale of Antwerp, Ohio, property

By Reshmi Basu

New York, Oct. 17 - Dana Corp. obtained approval Wednesday for the $75,000 sale of its property located in Antwerp, Ohio, to K&L Tool, Inc. from the U.S. Bankruptcy Court for the Southern District of New York.

According to the motion, the site was used to manufacture metal hose ends and hydraulic fittings but has been idle since 2002.

In the 1980s, the U.S. Environmental Protection Agency discovered there was soil contamination at the facility. After extensive negotiations, in 2003 the parties consented to a remediation plan to deal with the cleanup, but that plan will not be approved until the end of 2007.

Meanwhile, the company continues to pay for the maintenance of the facility, which comes to more than $270,000 a year.

Under the purchase agreement, K&L Tool will take over that expense.

Dana, a Toledo, Ohio-based supplier of components, modules and systems to vehicle manufacturers and related aftermarkets, filed for bankruptcy on March 3, 2006. Its Chapter 11 case number is 06-10354.

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