Dana Holding Corporation (ticker: DAN, exchange: New York Stock Exchange (.N))
News Release -
Dana Corporation, GETRAG Sign Joint-Venture Agreement with Volvo Car Corporation to Produce All-Wheel-Drive Systems
TOLEDO and UNTERGRUPPENBACH, Germany, Jan. 7 /PRNewswire-FirstCall/ --
Dana Corporation (NYSE: DCN) and GETRAG Getriebe- und Zahnradfabrik Hermann
Hagenmeyer GmbH & Cie KG (GETRAG) have signed an agreement with Volvo Car
Corporation (VCC) for a recently formed GETRAG-Dana joint-venture company to
purchase a 60-percent interest in VCC's operations in Koping, Sweden.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990903/DANA )
The resulting joint venture with VCC - to be known as GETRAG All Wheel
Drive AB, a Dana/GETRAG company - will produce all-wheel-drive (AWD) and
chassis systems and components for passenger cars and sport-utility vehicles.
"We are extremely excited about this latest chapter in the Dana-GETRAG
relationship and even more so about this opportunity to work with a
distinguished automaker such as Volvo," said Bill Carroll, Dana's acting
president and chief operating officer. "This arrangement will leverage the
combined expertise of Volvo, GETRAG, and Dana to serve the growing crossover-
Plans for the joint venture call for the operations in Koping to be
streamlined to create a fully integrated, self-sufficient All-Wheel-Drive
Center of Excellence that will include research, development, and engineering;
sales and marketing; purchasing; and production of AWD components and
assemblies. The joint venture will market its services to Ford Motor Company,
its affiliates, and other automotive manufacturers around the world as a
member of the GETRAG Group.
Principal products of the joint venture will include power take-off units,
rear-drive units, front-drive units, and chassis systems and components.
"Together with Volvo, we will transform Koping into the leading full-
service supplier in the increasing European AWD marketplace," said Tobias
Hagenmeyer, CEO of the GETRAG Corporate Group. "This venture is exciting
because it is driven by the high-value technologies that Dana and GETRAG can
jointly provide to the world's leading AWD car manufacturers. It also
presents a tremendous opportunity to grow our support for Volvo, Land Rover,
and other affiliates of Ford Motor Co., as well as servicing the European
customers of GETRAG and Dana's global all-wheel-drive activities."
As part of the joint venture, the new company expects to enter into long-
term supply agreements with all involved affiliates of Ford Motor Co.
The operations in Koping currently comprise approximately one million
square feet (93,000 square meters).
GETRAG is a major supplier to the European automotive industry with an
excellent reputation for quality products and technologies. Privately owned,
GETRAG was founded in 1935 by Hermann Hagenmeyer and is headquartered in
Untergruppenbach, Germany. GETRAG is now located at 16 sites around the
world, including Germany, Italy, France, U.K., United States, India, and
Japan. The company produces manual transmissions for passenger cars, SUVs,
vans, motorcycles and light trucks and automated manual transmissions (ASG(R))
for the automotive industry. The company's revenues totaled 1.9 billion Euros
in 2002 and it employs approximately 9,000 employees.
Dana Corporation is a global leader in the design, engineering, and
manufacture of value-added products and systems for automotive, commercial,
and off-highway vehicle manufacturers and their related aftermarkets. The
company employs approximately 60,000 people worldwide. Founded in 1904 and
based in Toledo, Ohio, Dana operates hundreds of technology, manufacturing,
and customer service facilities in 30 countries. The company reported sales
of $9.5 billion in 2002. The company's Internet address is www.dana.com .
Dana owns a 30-percent interest in GETRAG, the parent company of the
GETRAG group of companies, and a 49-percent direct interest in GETRAG's North
SOURCE Dana Corporation
/CONTACT: Jeff Cole of Dana Corporation, +1-419-535-4704, or
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CO: Dana Corporation; GETRAG; Volvo Car Corporation
ST: Ohio, Germany
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1956 01/07/2004 11:11 EST http://www.prnewswire.com