TOLEDO, Ohio, Sept. 24 /PRNewswire-FirstCall/ -- Dana Corporation (OTC
Bulletin Board: DCNAQ) announced today that it has completed the sale of
its North American coupled products business to Coupled Products LLC, a
wholly owned subsidiary of Wanxiang (USA) Holdings Corporation. Dana
expects to record an after-tax loss of approximately $44 million in the
third quarter of 2007 in connection with this transaction.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990903/DANA )
The sale substantially concludes the overall divestiture of Dana's
fluid products business. Last month, the company closed the sale of its
North American fluid products hose and tubing operations to Orhan Holding,
A.S. Dana previously sold its European fluid products hose and tubing
operations to Orhan in July, 2007.
"The completion of this divestiture marks another important step in
Dana's efforts to concentrate our resources on the core products and
competencies that are the foundation for our future growth," said Dana
Chairman and CEO Mike Burns. "We wish the people of the coupled products
business the very best as they move forward with Wanxiang."
The coupled products plants and/or assets involved in the Wanxiang
transaction are located in San Luis Potosi, Mexico; and Columbia City,
Ind.; Pensacola, Fla.; Rochester Hills, Mich.; and Upper Sandusky and
Wharton, Ohio, U.S.A. The coupled products operations manufacture
power-assisted steering products; heating, ventilation, and air
conditioning (HVAC) under-engine products; and brake products. The
operations employ approximately 2,050 people and reported consolidated
revenues of approximately $200 million in 2006.
About Dana 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 and engine manufacturer in the global automotive, commercial
vehicle, and off-highway markets, which collectively produce more than 65
million vehicles annually. Based in Toledo, Ohio, the company's continuing
operations employ approximately 36,000 people in 28 countries and reported
2006 sales of $8.5 billion, with more than half of this revenue derived
from outside the United States. For more information, please visit:
http://www.dana.com/.
Dana and certain of its U.S. subsidiaries are operating under Chapter
11 of the U.S. Bankruptcy Code as debtors in possession. Information about
the bankruptcy proceedings can be found at:
http://www.dana.com/reorganization. While Dana continues its reorganization
under Chapter 11, investments in its securities are highly speculative.
Although shares of Dana common stock continue to trade on the OTC Bulletin
Board (OTCBB) under the symbol "DCNAQ," the opportunity for any recovery by
shareholders under a confirmed plan of reorganization is uncertain. If
Dana's plan of reorganization that was filed with the bankruptcy court on
August 31, 2007, is ultimately confirmed, Dana's common shares will be
cancelled and shareholders with allowed interests will be entitled to a pro
rata share of the assets, if any, that remain in a reserve established for
disputed unsecured claims after the holders of certain allowed claims have
been paid in full, with interest. There is no assurance that this plan of
reorganization will be adopted or, if it is, that there will be any
residual assets left for the benefit of former holders of Dana common stock
in the reserve established for disputed unsecured claims.
SOURCE Dana Corporation
 back to top
Related links:
http://www.dana.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 Corporation,
+1-419-535-4728
|
