DANA CORPORATION AND TWO AFFILIATES REALIGN OPERATIONS IN SOUTH AMERICA
In Colombia, Dana affiliate Industria de Ejes y Transmisiones SA is forming a joint venture with a GKN subsidiary. The Dana affiliate will hold a 51 percent share in the new company, Transejes Transmisiones Homocineticas de Colombia SA, and the GKN subsidiary will have a 49 percent share.
A GKN subsidiary in Brazil is acquiring an additional 9 percent interest in Dana affiliate ATH Albarus Transmissoes Homocineticas Limitada, bringing GKN's holding to 49 percent.
In Argentina, a GKN subsidiary is purchasing an additional 9 percent of the shares of Danargen S.A.I.C. from Dana Corporation, also bringing GKN's holding to 49 percent.
The transactions will result in a fourth-quarter gain of $12 million (11 cents per share) to Dana.
Dana Corporation is a global leader in the engineering, manufacturing and distribution of products and systems for the vehicular, industrial and mobile off-highway markets. Founded in 1904 and based in Toledo, Ohio, Dana operates facilities in 28 countries with more than 40,000 people. Its 1994 sales were $6.6 billion. Named by Financial World magazine as one of the "Best 100 Growth Companies," Dana is noted for its style of management and its commitment to innovation. It has 35 product research and development centers worldwide. Dana also owns Dana Credit Corporation, a leading provider of lease financing services.
/CONTACT: Gary Corrigan, Director-Corporate Communications, of Dana Corporation, 419-535-4813/
CO: Dana Corporation ST: Ohio IN: AUT SU:
CS-BG -- CL013 -- 7083 11/01/95 03:06 EST
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|Date:||Nov 1, 1995|
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