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
Company News On Call: Company News On-Call:
http://www.prnewswire.com/comp/226839.html or fax, 800-758-5804,
ext. 226839


print Print   email Email      rss RSS