HPI Group entered into a definitive agreement to acquire European hydraulics business of Dana Inc. from Dana Incorporated (NYSE:DAN) for approximately $42 million on February 21, 2024. The transaction is expected to be completed in the first half of 2024, subject to regulatory approvals and customary closing conditions.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.