Dana Completes Agreement to Acquire Interest in European Manufacturer
Nov 9, 2000
Agreement Helps Grow Dana's Axle and Transaxle Technology TOLEDO, Ohio, Nov. 9 /PRNewswire/ - Dana Corporation (NYSE: DCN) today announced that it has completed the purchase of an interest in GETRAG Getriebe- und Zahnradfabrik Hermann Hagenmeyer GmbH & Cie, a manufacturer of transmissions, transaxles, axles, and other automotive components. Headquartered in Ludwigsburg, Germany, the company had sales of $750 million in 1999. Financial terms of the agreement were not disclosed. (Photo: http://www.newscom.com/cgi-bin/prnh/19990903/DANA ) "This relationship will support our global growth strategy for the passenger car market, and enhance our focus on advanced automotive technologies," said Dana Chairman and CEO Joe Magliochetti. "GETRAG has a highly skilled workforce and a solid reputation for precision engineering, quality, and innovation. We have great respect for this fine organization and we are excited about expanding Dana's relationship with GETRAG." Dana acquired a 30-percent stake in GETRAG Cie, the parent company of the GETRAG group of companies, and a 49-percent stake in GETRAG's North American operations. Bill Carroll, president of Dana's Automotive Systems Group, will be on the Advisory Board of GETRAG GmbH & Cie. "This strategic partnership strengthens Dana's automotive offerings globally, and particularly enhances our opportunities in the European passenger car market," Mr. Carroll said. "Strategically, this transaction is very similar to our recent collaboration with GKN to produce advanced driveline technologies. GETRAG's transaxle and gear manufacturing technologies are highly complementary to our expertise and will enable us to further develop our under-the-vehicle technology, products, and systems," he added. Dana and GETRAG will establish a joint technology council to explore ways to further advance automotive applications for design and technology. The two companies also will create a joint marketing council to bring the resulting new products and innovations to market rapidly. In addition to strategic alliances with GETRAG and GKN, Dana also recently announced an alliance with Motorola, Inc., aimed at enhancing product performance and reliability. Electronics leader Motorola will provide Dana with access to advanced electronics technology. In return, Dana will incorporate this technology within its advanced chassis, drivetrain, and engine systems and will leverage its expertise in infrastructure to take these new products to market. GETRAG is a major supplier to the European automotive industry and has an excellent reputation for the quality of its products and technologies. The company employs some 5,000 people in 11 manufacturing facilities worldwide. Its major customers include Audi, BMW, DaimlerChrysler, Ford, GM/Opel, Jaguar, Porsche, and Volkswagen. Dana Corporation is one of the world's largest independent suppliers to vehicle manufacturers and their related aftermarkets. Founded in 1904 and based in Toledo, Ohio, the company operates some 320 major facilities in 32 countries and employs more than 80,000 people. The company reported sales of $13.2 billion in 1999. Dana's Internet address is http://www.dana.com .
SOURCE Dana Corporation
Web Site: http://www.dana.com
Photo Notes: http://www.newscom.com/cgi-bin/prnh/19990903/DANA
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