Dana Corporation Announces Outsourcing of Grey Iron Castings
22 Dezember 2004 - 3:06PM
PR Newswire (US)
Dana Corporation Announces Outsourcing of Grey Iron Castings
Muskegon, Michigan, Foundry to Close TOLEDO, Ohio, Dec. 22
/PRNewswire-FirstCall/ -- Dana Corporation (NYSE:DCN) today
announced it has signed a long-term agreement with Federal- Mogul
Corporation (OTC:FDMLQ) (BULLETIN BOARD: FDMLQ) to supply Dana with
grey iron castings from its western Michigan facility. Grey iron
castings are used in the manufacture of piston rings. (Logo:
http://www.newscom.com/cgi-bin/prnh/19990903/DANA ) Consequently,
Dana will close its Muskegon, Mich., foundry operations. Production
is expected to end in the third quarter of 2005, eliminating
approximately 240 jobs. This action will result in an after-tax
charge of approximately $12 million, of which $11 million will be
recorded in the fourth quarter of 2004. "This decision was
necessary due to the excess capacity for grey iron piston ring
castings," said Mike Laisure, president of Dana's Automotive
Systems Group. "Our foundry is severely underutilized and no longer
a viable operation. This action will strengthen our overall
competitiveness. "Affected Dana employees will receive outplacement
training and separation benefits. We will do everything possible to
support our people in their search for new employment," he added.
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 employs 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.
Forward-Looking Statements Certain statements contained in this
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 our
ability to complete the outsourcing as contemplated, 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 release. Photo:
http://www.newscom.com/cgi-bin/prnh/19990903/DANA AP Archive:
http://photoarchive.ap.org PRN Photo Desk, photodesk@prnewswire.com
DATASOURCE: Dana Corporation CONTACT: Gary J. 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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