Dana Corporation Announces Dissolution of Engine Bearings Joint Venture and Sale of Fuel-Rail Business
01 Settembre 2005 - 4:47PM
PR Newswire (US)
TOLEDO, Ohio, Sept. 1 /PRNewswire-FirstCall/ -- Dana Corporation
(NYSE:DCN) announced today that it has completed two transactions
that support the company's focus on its core businesses and
markets. (Logo: http://www.newscom.com/cgi-bin/prnh/19990903/DANA)
Dana and The Daido Metal Company have dissolved their joint
venture, which manufactured engine bearings and related materials
in Atlantic, Iowa, and Bellefontaine, Ohio. Dana previously had a
70-percent interest in the joint venture, which was consolidated
for financial reporting purposes. Dana now has assumed full
ownership of the Atlantic facility, which employs approximately 320
people and had 2004 sales of $47 million, including sales of $14
million to Dana. This operation will continue to service Dana's
commercial vehicle and industrial customers. Daido has assumed full
ownership of the Bellefontaine facility, which will service its
light-duty customers. This operation employs approximately 350
people and had sales of $44 million in 2004, including sales of $26
million to Dana. In a separate transaction, Dana has sold its
fuel-rail business, consisting of a production facility in Angola,
Ind., with nearly 250 people and sales of approximately $38 million
in 2004. The buyer, Millennium Industries, is an Auburn Hills,
Mich.-based manufacturer of automotive fuel systems. While Dana has
exited the fuel-rail business, it will continue to design and
manufacture a wide array of fluid-transfer components and systems
for its light- and heavy-vehicle customers. "These transactions
support our ongoing commitment to simplify our business, strengthen
our financial performance, and execute our core product
strategies," said Dana Chairman and CEO Mike Burns. "The operations
in Bellefontaine and Angola are now better aligned with companies
committed to their respective market niches," he added. "We thank
the people at Bellefontaine and Angola for their many years of
outstanding service to Dana and our customers and wish them the
best going forward." Dana expects these transactions to result in
an aggregate after-tax charge of approximately $11 million, or 7
cents per share, which will be reported as an unusual item in the
third quarter. The company's 2005 earnings guidance excludes gains
and losses on asset sales and divestitures and other unusual items.
About Dana Corporation Dana people design and manufacture products
for every major vehicle producer in the world. Dana is focused on
being an essential partner to automotive, commercial, and
off-highway vehicle customers, which collectively produce more than
60 million vehicles every year. A leading supplier of axle,
driveshaft, engine, frame, chassis, and transmission technologies,
Dana employs 46,000 people in 28 countries. The company is based in
Toledo, Ohio, and reported sales of $9.1 billion in 2004. Dana's
Internet address is: http://www.dana.com/. Forward-Looking
Statements Statements in this release about the anticipated charges
resulting from the reported transactions constitute
"forward-looking" statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements
represent Dana's expectations based on our current information and
assumptions. Forward-looking statements are inherently subject to
risks and uncertainties. The actual charges could differ from those
that are anticipated due to post-closing adjustments related to
these transactions. Dana does not undertake to update any
forward-looking statements in this release.
http://www.newscom.com/cgi-bin/prnh/19990903/DANA
http://photoarchive.ap.org/ DATASOURCE: Dana Corporation CONTACT:
Todd Romain of Dana Corporation, +1-419-535-4727, or Web site:
http://www.dana.com/ Company News On-Call:
http://www.prnewswire.com/comp/226839.html
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