Dana Corporation and Dongfeng Motor Co., Ltd. Sign Joint-Venture Agreement to Produce Commercial Vehicle Axles in China
10 März 2005 - 3:05PM
PR Newswire (US)
Dana Corporation and Dongfeng Motor Co., Ltd. Sign Joint-Venture
Agreement to Produce Commercial Vehicle Axles in China XIANGFAN,
China, March 10 /PRNewswire-FirstCall/ -- Dana Corporation
(NYSE:DCN) and Dongfeng Motor Co. Ltd. today signed an agreement to
form a joint-venture company to develop and produce commercial
vehicle axles in China. The 50/50 joint venture will be called
Dongfeng Dana Axle Co. Ltd. Driveshafts and other products for
commercial vehicles may be added to the joint venture following its
establishment. (Logo:
http://www.newscom.com/cgi-bin/prnh/19990903/DANA ) The signing
ceremony took place in Xiangfan with local and regional government
and business development officials in attendance. The joint venture
is expected to be finalized in the third quarter following
customary government approvals and the completion of other
necessary conditions. Dana will invest in an existing Dongfeng
subsidiary, which is China's largest commercial vehicle axle
manufacturer, to form Dongfeng Dana Axle. Dana's net investment at
the time of closing is expected to be approximately US$60 million.
Headquartered in Xiangfan, China, the joint-venture company will
employ approximately 8,000 employees in three production facilities
in Xiangfan and Shiyan, as well as a research and development
center that will be established in Wuhan. The technical center will
support Dongfeng Dana Axle's commitment to providing its customers
with world-class manufacturing processes and axle components and
systems. "We are pleased to reach this milestone with Dongfeng,"
said Dana Chairman and CEO Mike Burns. "This Chinese joint venture
will continue to supply the axle needs of Dongfeng Motors while
serving as a world-class, globally competitive medium- and
heavy-axle supply base for Dongfeng and Dana." "The leadership,
product expertise, commitment to new technology, and people of Dana
and Dongfeng make this an exciting opportunity for both companies,"
said Dongfeng Motor Co. Chairman and CEO Miao Wei. "Most
importantly, Dongfeng Dana Axle will benefit our customer base."
Dongfeng Motor Co. President Katumi Nakamura added, "Dana's
management practices and experience in the global vehicular market
will help Dongfeng Dana Axle be a model for progress for the
Dongfeng Components Group in the international markets." Dongfeng
Dana Axle will continue to primarily supply Dongfeng Motor, which
itself is one of the world's largest truck producers, while also
expanding its product offerings and customer base predominantly in
the Chinese market. Annualized sales for the joint venture company
in 2005 are expected to be approximately US$400 million. "Dongfeng
Dana Axle will be the largest commercial vehicle axle supplier in
Asia," said Nick Cole, president of Dana's Heavy Vehicle
Technologies and Systems Group. "For Dana's Commercial Vehicle
Systems business, this joint venture also provides a great
opportunity to balance our extensive operations in North America."
About Dongfeng Motor Co. Ltd. Dongfeng Motor Co. Ltd. is a joint
venture between the state owned Dongfeng Motor Group Company Ltd.
and a Chinese subsidiary of Nissan Motors. Dongfeng Motor Group was
founded in 1969 and with its affiliates ranks as one of the three
largest vehicle makers in China. The Group employs more than
112,000 people and reported sales of more than US$9.5 billion in
2003. Dongfeng Motor Co. Ltd. produces a broad range of light-,
medium-, and heavy- duty trucks, as well as buses and passenger
cars. About Dana Corporation Dana people design and manufacture
products for virtually every major vehicle producer in the world.
Dana is focused on being an essential partner to automotive,
commercial, and off-highway vehicle customers, which collectively
produce more than 60 million vehicles every year. A leading
supplier of axle, driveshaft, engine, frame, chassis, and
transmission technologies, Dana employs 46,000 people in 28
countries. The company is based in Toledo, Ohio, and reported sales
of $9.1 billion in 2004. Dana's Internet address is:
http://www.dana.com/ . Forward-Looking Statements Certain
statements contained in this press release constitute "forward-
looking" statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements represent Dana's
expectations based on our current information and assumptions.
Forward-looking statements are inherently subject to risks and
uncertainties. Dana's actual results could differ materially from
those that are anticipated or projected due to a number of factors.
These factors include national and international economic
conditions; the strength of other currencies relative to the U.S.
dollar; our ability to complete the formation of the Dongfeng Dana
Axle Co. Ltd. joint venture as contemplated and the ability of the
joint venture to achieve its projected sales in 2005; and other
factors set out in our public filings with the Securities and
Exchange Commission. Dana does not undertake to update any
forward-looking statements in this document.
http://www.newscom.com/cgi-bin/prnh/19990903/DANA
http://photoarchive.ap.org/ DATASOURCE: Dana Corporation CONTACT:
Gary Corrigan of Dana, +1-419-535-4813, or Web site:
http://www.dana.com/ Company News On-Call:
http://www.prnewswire.com/comp/226839.html
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