Dana Corporation Acquires European Driveshaft Operation
Aug 29, 2002
TOLEDO, Ohio, Aug. 29 /PRNewswire-FirstCall/ -- Dana Corporation (NYSE: DCN) announced that it has acquired GKN Ayra Cardan, S.A., a Spanish driveshaft manufacturing facility, which will enhance Dana's offering of light-duty propeller shaft and accelerate the development of new products and technologies. (Photo: http://www.newscom.com/cgi-bin/prnh/19990903/DANA ) The facility - which will be known as Spicer Ayra Cardan - currently supplies product for Nissan/Renault, Suzuki, and Mitsubishi. The acquisition was the result of a restructuring of terms of a joint venture with GKN plc that was formed in 1999. Under the new terms, the joint- venture company, GKN Driveshafts Ltd., reverts back to 100-percent ownership by the Automotive Driveline Division of GKN. Financial terms of the agreement were not disclosed. "This new operation provides a valuable opportunity to expand Dana's business outside the United States," said Joe Magliochetti, Dana's chairman and CEO. "The agreement is in keeping with our Transformation 2005 strategic goals and will benefit our European customers by having another Dana-owned facility dedicated to providing innovative high-quality products in their region." "We're thrilled to have another outstanding operation in our group that will help enhance our global chassis and drivetrain systems capabilities," said Bill Carroll, president of Dana's Automotive Systems Group. Dana's Automotive Systems Group is a leading provider of under-the-vehicle integration technology for automotive manufacturers worldwide with a focus on innovations that improve vehicle handling, performance, and comfort. The group offers advanced driveline design, drivetrain torque and traction technologies, chassis design solutions, advanced modularity concepts, complete integrated systems engineering, program and logistics management. Drawing upon a century of vehicular expertise, its products include: Dana Spicer(R) axles, drivelines, and structural products; GETRAG(R) differentials, PTUs, and transaxles; Tremec(R) transmissions; Nakata(R) steering and suspension systems; and FTE(R) brake and clutch actuation systems. Dana Corporation is one of the world's largest suppliers of components, modules, and complete systems to global vehicle manufacturers and their related aftermarkets. Founded in 1904 and based in Toledo, Ohio, the company operates some 300 major facilities in 34 countries and employs approximately 70,000 people. The company reported sales of $10.3 billion in 2001. Dana's Internet address is http://www.dana.com .
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