Dana and Dongfeng Motor Form Joint Venture

Resource from: cbcc-yinx Likes:2928

Mar 21,2007

Dana and Dongfeng Motor Form Joint Venture Dana Corp. the world leading producer of automotive parts, announced that they will form a joint venture with Dongfeng Motor, named Dongfeng Dana Automotive Shaft Co.,Ltd (hereinafter refered to as “Dongfeng Dana”) in China. Dana will invest over USD55 million to get 50 percent of shares in the new company. Initially, they are going to pay USD5 million. The joint venture will be based in Xiangfan city, Hubei province. “In 2005, Dana and Dongfeng Motor had signed a draft agreement on forming a joint venture. But the cooperation was interupted when Dana had their North America business in bankruptcy procedure.” said spokesman of Dongfeng Motor. Today, Dana commite to pay Dongfeng Motor 38.8 million yuan (USD5 million) to hold 4 percent of Dongfeng Dana’s shares in accordance with the revised agreement signed by both sides. This deal will be completed till the end of March 2007. Besides, the agreement stipulate that Dana should buy the other 46 percent of shares before April 1 2008. So that either side will control a half of the company’s shares. Dana is a leading supplier of drivetrain, chassis, structural, and engine technologies. “Dongfeng Dana will be the largest supplier for commercial vehicle shaft in Asia. And for our commercial vehicle system department, this joint venture will compensate for Dana’s losses in North America.” said Nick Stanage, president of Dana Heavy-duty Vehicle. On the other side, Dongfeng Motor Corp is the largest manufacturer of commercial cars in China. They had invested 16.7 billion yuan forming the Dongfeng-Nissan Co.,Ltd with Japan Nissan Motor in 2003.

(cbcc-yinx)

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