Dana Corporation Completes Sale of Industrial Polymer Bearings Businesses to Goodrich
Sep 4, 2001
TOLEDO, Ohio, Sept. 4 /PRNewswire/ -- Dana Corporation (NYSE: DCN) announced today that it has completed the sale of its industrial polymer bearings businesses to Goodrich Corporation (NYSE: GR). (Logo: http://www.newscom.com/cgi-bin/prnh/19990903/DANA ) The transaction included the sale of: * industrial polymer bearings manufacturing operations in Kilmarnock, Scotland; Annecy, France; and Dolny Kubin, Slovakia; * the Glacier Industrial Bearings Division, including its manufacturing operations in Heilbronn, Germany; and Sao Paulo, Brazil; * a bushing block manufacturing facility in Dieuze, France; * Dana's interest in Garlock Bearings LLC; and * certain research and development assets relating to industrial polymer bearings products located in Cawston, England. As a result of the sale, Dana will record a one-time, non-recurring gain of approximately $11 million (7 cents per share) after tax in the third quarter of 2001. Pro forma sales for the divested operations were approximately $100 million in 2000. The sale did not include Dana's engine bearing business or its related research and development assets. Additional terms of the transaction were not disclosed. Dana Chairman and CEO Joe Magliochetti said, "The decision to sell a respected product line is never easy. But in the longer term, this move reinforces our desire to focus Dana's energies on those businesses and technologies that are more central to our strategy of growth through innovation in the global vehicular market." 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 75,000 people. The company reported sales of $12.3 billion in 2000. Dana's Internet address is http://www.dana.com . With 2000 sales of $4.4 billion, Goodrich Corporation is a leading worldwide supplier of aerospace components, systems, and services, as well as sealing and compressor systems and other engineered industrial products. Goodrich is ranked by Fortune magazine as one of the "Most Admired" aerospace companies and is included on Forbes magazine's "Platinum List" of America's best big companies. Headquartered in Charlotte, N.C., the company employs 23,000 people worldwide. For more information, please visit http://www.goodrich.com . Certain statements contained herein constitute "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve assumptions, uncertainties, and risks, and Dana's actual future results, performance, or achievements may differ materially from those expressed or implied in these statements. Among the factors that could affect Dana's actual results are post-closing adjustments on audit and closing costs being different than estimated. Additional factors are detailed in Dana's public filings with the Securities and Exchange Commission. Dana does not undertake to update any forward-looking statements contained herein.
SOURCE Dana Corporation
Web Site: http://www.goodrich.com http://www.dana.com
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