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Dana Corporation Increases Stake in Japanese Sealing Venture

Published on 2004-10-26. Author : SpecialChem

Toledo, OH -- Dana Corporation (NYSE: DCN) announced 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.

Founded in 1967, NipponReinz 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 YamatoCityin the KanagawaPrefectureof 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, NipponReinz 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, NipponReinz 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 NipponReinz.

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.

Source: Dana Corporation

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