Dana Holding Corporation, Health Care REIT, Inc., Reach Contingent Agreement on Sale of Dana's Corporate Headquarters Facility & Grounds
Dana Plans to Relocate Corporate Headquarters to Existing Facility in Maumee, Ohio
Aug 21, 2008
TOLEDO, Ohio, Aug. 21 /PRNewswire-FirstCall/ -- Dana Holding Corporation (NYSE: DAN) and Health Care REIT, Inc. (NYSE: HCN) jointly announced today that the companies have reached a contingent agreement for Dana to sell its corporate headquarters building and grounds to Health Care REIT, a Toledo- based real estate investment trust, for an undisclosed sum. The sale agreement, which is contingent on the support of state and local authorities, is anticipated to close by Oct. 1, 2008.
In conjunction with the agreement, Dana plans to relocate its corporate headquarters staff to its existing Automotive Systems Technology Center located approximately eight miles away in the Toledo suburb of Maumee, Ohio, by mid-2009.
"The relocation of Dana's corporate headquarters facility enables us to consolidate our local operations and make the most efficient use of our Toledo-area footprint," said Dana Executive Chairman John Devine. "This move provides Dana with a headquarters facility that more appropriately reflects our company's profile, while also providing an excellent new home for a respected and growing Toledo-based company."
Added Health Care REIT Chairman and Chief Executive Officer George L. Chapman, "This is an opportunity to secure a unique property in the city of Toledo that would accommodate our growth. The campus could play a key role in supporting our corporate objectives.
"We're pleased that this transaction would maintain a strong corporate presence at this prominent Toledo landmark," Chapman added.
Under terms of the sale agreement, Dana would vacate its facility located at 4500 Dorr Street facility by September 2009. Health Care REIT plans to transfer its headquarters workforce from its current location in One SeaGate to Dorr Street. Health Care REIT employs approximately 200 people nationwide, including 75 people at its One SeaGate corporate headquarters.
Dana employs more than 1,000 people at five facilities in Lucas County. About the Dorr Street Campus
Dana established its global headquarters at the Dorr Street location in 1970, after spending the previous 40 years at the company's former Bennett Road complex in north Toledo. Located directly across from Inverness Club golf course, the 200,000 square-foot Georgian Colonial-style building opened in the fall of 1970 and currently houses approximately 175 employees, including the company's executive leadership and a variety of corporate-based functions such as Accounting, Finance, Law, Tax, and Corporate Communications. In 2006, Dana sold its former Dana Commercial Credit headquarters facility located adjacent to the current Dorr Street campus to ProMedica Health System, which utilizes the building as its corporate headquarters.
About Dana's Maumee Technology Center
The technical center facility is located on a 30-acre site near U.S. 23 and Maumee-Western Road southwest of Toledo. The facility opened in the spring of 2004 and currently houses significant engineering, administrative, and sales and marketing functions from the company's light axle, driveshaft, and structural products units. The nearly 200,000 square-foot facility includes 90,000 square-feet of design and development space and an additional 80,000 square-feet for offices and potential future expansion.
About Health Care REIT, Inc.
Health Care REIT, Inc. is a real estate investment trust that invests across the full spectrum of senior housing and health care real estate. The company is listed on the New York Stock Exchange and has an enterprise value of approximately $7.4 billion. As of June 30, 2008, the company's broadly diversified portfolio consisted of 635 properties in 38 states and includes senior living facilities, medical office buildings, hospitals and other medical facilities. Through its development group located in Nashville, Tennessee, the company provides comprehensive planning, development and leasing services to health care systems and providers. The company has a complete array of property management services through its Paramount Real Estate Services Group headquartered in Jupiter, Florida, which also has 17 regional offices throughout the United States. More information is available on the Internet at http://www.hcreit.com/.
About Dana Holding Corporation
Dana is a world leader in the supply of axles; driveshafts; and structural, sealing, and thermal-management products; as well as genuine service parts. The company's customer base includes virtually every major vehicle manufacturer in the global automotive, commercial vehicle, and off-highway markets, which collectively produce nearly 70 million vehicles annually. Based in Toledo, Ohio, the company's operations employ approximately 35,000 people in 26 countries and reported 2007 sales of $8.7 billion. For more information, please visit: http://www.dana.com/.Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/19990903/DANA
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SOURCE: Dana Holding Corporation
CONTACT: Chuck Hartlage of Dana Holding Corporation, +1-419-535-4728; or
Jim Bowe of Health Care REIT, +1-419-247-5254
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