Dana, Riken to Study Technological Alliance, European Joint Venture for Piston Rings
May 30, 2000
TOLEDO, Ohio, May 30 /PRNewswire/ -- Dana Corporation (NYSE: DCN) and
Riken Corporation today announced that they have agreed to study an alliance
for the development of advanced piston ring technology. Further, the
companies are studying the potential for a joint venture for piston ring
manufacturing in Europe.
(Photo: http://www.newscom.com/cgi-bin/prnh/19990903/DANA )
Through a memorandum of understanding, the companies said that the
alliances would better serve the worldwide customer base of each company
through faster development of technology and stronger manufacturing and
distribution, especially in Europe.
"Dana's Perfect Circle operations and Riken are leaders in the development
of advanced piston ring technology. This global alliance would offer our
worldwide customers even greater solutions for engine performance," said
Daniel Moody, president of Dana's worldwide Perfect Circle engine products
operations.
K. Oguchi, president of Riken, said, "Riken and Perfect Circle have global
customers; this alliance would serve to further strengthen each company's
research and development, manufacturing, and distribution efforts, especially
in Europe."
Riken Corporation is one of the world's foremost piston ring makers.
Founded in 1927 and based in Tokyo, Japan, the corporation employs 4,400
people and has 11 overseas subsidiaries and affiliates.
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 approximately 320 major facilities
in 32 countries and employs more than 82,000 people. 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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