Dana, Champion Agree to Merge
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TOLEDO, Ohio — Dana Corp., a giant auto parts company, would buy 82-year-old Champion Spark Plug Co. for about $600 million in cash and stock under an agreement between the companies’ managements announced Wednesday.
The deal, which must be approved by Champion’s shareholders, would end the independence of the spark plug maker that has been controlled by the Stranahan family since its founding in 1907.
The two Toledo-based companies said the merger would unite Champion’s famous name with Dana’s far-flung distribution system.
Although not as well known as Champion, Dana is a bigger company, with 1987 sales of $4.9 billion.
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