Dana Corporation Announces Global Restructuring Efforts
Dec 20, 1999
TOLEDO, Ohio, Dec. 20 /PRNewswire/ -- Dana Corporation (NYSE: DCN) announced today the downsizing of its Structural Products facility in Reading, Pa., which, as previously discussed with the people there, will result in a workforce reduction at that facility. In addition, the company said it would also be restructuring various smaller operations in South America and Europe as part of a global effort to improve its asset utilization. (Photo: http://www.newscom.com/cgi-bin/prnh/19990903/DANA ) This announcement follows the company's statement in October that it would be considering actions that could result in charges against earnings in the fourth quarter. "The downsizing at Reading is the most significant of the restructuring actions that will be taken in the fourth quarter. We now believe, consistent with our previous announcement, that the total fourth-quarter charges will be in the range of $150-200 million before taxes," said Joe Magliochetti, Dana president and CEO. "While difficult, these decisions have to be made to improve our competitiveness in a changing business environment. By eliminating excess capacity created by market shifts and by utilizing our assets more efficiently, we position Dana better for the future." Dana Corporation is one of the world's largest independent suppliers to vehicle manufacturers and the aftermarket. Founded in 1904 and based in Toledo, Ohio, the company operates some 330 major facilities in 32 countries and employs more than 86,000 people. The company reported sales of $12.5 billion in 1998. Dana's Internet address is http://www.dana.com .
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Web Site: http://www.dana.com
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