Dana Corporation Announces Consolidation of Off-Highway Axle and Transmission Production
20 Dicembre 2004 - 3:17PM
PR Newswire (US)
Dana Corporation Announces Consolidation of Off-Highway Axle and
Transmission Production TOLEDO, Ohio, Dec. 20
/PRNewswire-FirstCall/ -- Dana Corporation (NYSE:DCN) today
announced that it will consolidate the manufacturing of its
off-highway transmissions and axles. This consolidation will result
in the closure of Dana's Statesville, N.C., facility, a work force
reduction in Brugge, Belgium, and the realignment of machining and
assembly operations in North America and Europe. (Logo:
http://www.newscom.com/cgi-bin/prnh/19990903/DANA ) The
consolidation and related transfer of production assets are
expected to be completed by December 2005. Production in
Statesville is scheduled to end in September. These actions will
eliminate approximately 300 jobs and result in an after-tax charge
of approximately $25 million, of which $22 million will be recorded
in the fourth quarter of 2004. Outplacement training and separation
benefits will be provided to the affected employees. Additionally,
these people will be kept informed of openings at other Dana
facilities. "The decision to consolidate manufacturing was
necessary to strengthen the competitiveness of this business long
term," said Nick Cole, president of Dana's Heavy Vehicle
Technologies and Systems Group. "We're committed to sustaining and
growing our leadership position among off-highway vehicle
manufacturers. "Dana is also committed to helping the people
affected by this consolidation in their transition to new
employment. These people have served Dana and our customers well
for many years, and they deserve our thanks and our support," added
Cole. Dana Corporation is a global leader in the design,
engineering, and manufacture of value-added products and systems
for automotive, commercial, and off-highway vehicles. Delivering on
a century of innovation, the company employs approximately 45,000
people worldwide dedicated to advancing the science of mobility.
Founded in 1904 and based in Toledo, Ohio, Dana operates
technology, manufacturing, and customer-service facilities in 30
countries. Sales from continuing operations totaled $7.9 billion in
2003. Forward-Looking Statements Certain statements contained in
this release 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. Dana's actual
results could differ materially from those that are anticipated or
projected due to a number of factors. These factors include our
ability to complete the off-highway manufacturing consolidation as
contemplated, and other factors set out in our public filings with
the Securities and Exchange Commission. 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:
Gary J. Corrigan of Dana, +1-419-535-4813, or Web site:
http://www.dana.com/ Company News On-Call:
http://www.prnewswire.com/comp/226839.html
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