Dana Plans to Relocate Corporate Headquarters to Existing Facility in
Maumee, Ohio
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.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990903/DANA )
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.
SOURCE Dana Holding Corporation
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Related links:
http://www.dana.com
http://www.hcreit.com
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/19990903/DANA
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
http://www.prnewswire.com/comp/226839.html/
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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