Dana Completes Sale of French Distribution Operations
Dec 11, 1997
TOLEDO, Ohio, Dec. 11 /PRNewswire/ -- Dana Corporation (NYSE: DCN) today announced the completion of the sale of its distribution operation in France to Spanish automotive components distributor Cecauto S.A. Jack Simpson, Dana chief financial officer, said, "This move allows Dana to better focus on the products and systems we consider strategic to our future growth. This move is part of our overall strategy to concentrate on core businesses and divest underperforming assets." This is the eighth divestiture completed by Dana this year and the latest in a series of strategic moves that Dana has taken in 1997 to focus on its core businesses. Among them, the company previously sold its other European warehouse distribution facilities in the United Kingdom, the Netherlands, and Portugal. This transaction represents the completion of the sale of Dana's warehouse distribution operations in Europe. Dana also has sold its U.S. heavy-truck structural components operation, vehicular clutch business, transmission business, leaf spring manufacturing assets, flat rubber products business, and a 49-percent interest in Korea Spicer. Also this year, Dana announced its intention to purchase Eaton Corporation's heavy axle and brake operations and has purchased Clark-Hurth Components and the Sealed Power Division of SPX Corporation. Additionally, it has entered into various joint ventures, including a 75-percent share of Filtron, a Polish manufacturer of filtration products. Dana Corporation is a global leader in the engineering, manufacture, and distribution of products and systems for the automotive, heavy truck, off- highway, engine, and industrial markets. It also operates a leasing services business, Dana Credit Corporation. Founded in 1904 and based in Toledo, Ohio, Dana operates facilities in 30 countries and employs more than 48,000 people. The Internet address for Dana's home page is www.dana.com. SOURCE Dana Corporation CONTACT: Gary Corrigan of Dana Corporation, 419-535-4813 CNOC: http: //www.prnewswire.com or fax, 800-758-5804, ext. 226839 WEBSITE: http: //www.dana.com