Dana Corporation Increases Stake in Japanese Sealing Venture
21 Octubre 2004 - 9:30AM
PR Newswire (US)
Dana Corporation Increases Stake in Japanese Sealing Venture
TOLEDO, Ohio, Oct. 21 /PRNewswire-FirstCall/ -- Dana Corporation
(NYSE:DCN) announced today that it has increased its ownership
stake in Nippon Reinz Co., Ltd., a Japanese sealing products
producer. Dana now owns 53.7 percent of the venture; it had
previously owned 26.3 percent. Mitsubishi Cable Industries, which
had owned 73.7 percent of the business, will retain a 46.3 percent
share. (Logo: http://www.newscom.com/cgi-bin/prnh/19990903/DANA )
Founded in 1967, Nippon Reinz manufactures gaskets, thermal and
acoustical protective shields, and wire mesh filters for exhaust
and safety system components, such as airbag inflator tubes and
exhaust systems. The business has annual sales of approximately $50
million and employs approximately 220 people. The facility is
located in Yamato City in the Kanagawa Prefecture of Japan. "This
transaction not only improves Dana's efforts to compete more
effectively in the global engine market, but it also strengthens
our support for our Japanese customers in their home country," said
Dana Chairman and CEO Michael J. Burns. "More than one-third of
light vehicles produced globally are Japanese-designed, and the
development teams behind these vehicles' engines are also based
solely in Japan." With this move, Nippon Reinz becomes Dana's first
fully consolidated manufacturing entity in Japan. Dana's operations
in this country also include a technical center in Toyohashi,
minority-owned driveshaft manufacturing and distribution
facilities, and sales offices in partnership with GETRAG and Najico
Spicer. Dana also has affiliations with other Japanese
manufacturers, such as Daido, Riken, and Nitta Moore, throughout
the world. Mike Laisure, president of Dana's Automotive Systems
Group, said, "In addition to manufacturing for the Japanese and
export markets, Nippon Reinz is a technology liaison to Dana's
global sealing products operations. Looking ahead, Nippon Reinz
will play a key role in the development of fuel-cell components for
Japanese customers, and Dana's future research and development
initiatives in the Asia-Pacific region will be supported by Nippon
Reinz." Dana Corporation is a global leader in the design,
engineering, and manufacture of value-added products and systems
for automotive, commercial, and off-highway vehicles. Delivering on
a century of innovation, the company's continuing operations employ
approximately 45,000 people worldwide dedicated to advancing the
science of mobility. Founded in 1904 and based in Toledo, Ohio,
Dana operates technology, manufacturing, and customer-service
facilities in 30 countries. Sales from continuing operations
totaled $7.9 billion in 2003. Dana's Internet site is
http://www.dana.com/ .
http://www.newscom.com/cgi-bin/prnh/19990903/DANA
http://photoarchive.ap.org/ DATASOURCE: Dana Corporation CONTACT:
Gary Corrigan of Dana, +1-419-535-4728, or Web site:
http://www.dana.com/ Company News On-Call:
http://www.prnewswire.com/comp/226839.html
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