Dana exits joint venture, sells a business

Resource from: CBCC Likes:2952

Sep 02,2005

CHICAGO (Reuters) - Auto and truck parts maker Dana Corp. said Thursday it has dissolved a joint venture that makes engine bearings and sold an unrelated operation to focus on its core business and will take a charge to earnings. Dana said it expects a third-quarter after-tax charge of $11 million, or 7 cents per share, from the transactions. Dana said it took ownership of a plant in Atlantic, Iowa, in dissolving the joint venture with Daido Metal Co. Ltd. , while Daido took ownership of a plant in Bellefontaine, Ohio. It also sold a fuel-rail production facility in Angola, Indiana, that had 2004 sales of about $38 million to automotivefuel systems manufacturer Millennium Industries, Dana said. Terms of the sale were not disclosed.

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