German brake systems manufacturer Knorr-Bremse AG (OTC: KNRRY) is buying out longtime Bendix-Spicer joint venture partner Dana Inc. (NYSE: DAN).The two companies have made more than 3.5 million brake system components for heavy-duty trucks since 2004.
Bendix Commercial Vehicle Systems is a global market leader for braking systems. It is acquiring the 20% of the Bendix Spicer Foundation Brake business it did not already own.
Financial terms were not disclosed. It will be known as Bendix Commercial Vehicle Systems as of Jan. 1, 2021 and be one of five Bendix Centers of Competency.
The joint venture combined the air disc brake, slack adjuster, and actuator business units from Bendix with Dana’s foundation drum brake business. Other than ownership and the name, little will change.
The Bendix wheel-end business remains in Elyria, Ohio. A research and development center continues operating in Kalamazoo, Michigan. Production at a recently expanded manufacturing plant continues in Bowling Green, Kentucky.
“Bendix and Dana have enjoyed a strong and vibrant partnership as we have successfully guided the strategic path of the joint venture for the past 16 years,” Mike Hawthorne, president and CEO of Bendix, said in a press release.
The joint venture surpassed 3.5 million units for the Bendix ADB22X air disc brake earlier this year.