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News of  February 28, 2000
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Dana To Acquire Interest in European Engine Components Manufacturer
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TOLEDO, Ohio - Dana Corporation announced today that it has reached a definitive agreement to purchase a majority interest in Tribometal a.s., a manufacturer of engine bearings and metal-polymer bushings.

The company is located in Dolny Kubin, Slovakia. Sales for the business were $7.5 million in 1999. "This acquisition fits perfectly into our global growth strategy -- further strengthening our foothold in the Eastern European market by adding to our successful filter operations in Poland," said Dana Chairman Southwood J. Morcott. "This acquisition will help us expand our engine product offerings and provide opportunities for further global growth."

"This strategic, bolt-on acquisition supports one of our core businesses and helps expand our engine group's opportunities in automotive, heavy-truck, and general applications," said Dana President and CEO Joe Magliochetti. "This business has a highly skilled workforce and a history of quality and growth. It is precisely the type of strategic acquisition that will enhance shareholder value."

"This will really add to the strength of our engine business," said Chuck Heine, president of Dana's Engine Systems Group. "This operation will fit nicely with our strategy for our Glacier operations, and we are very pleased to be opening up new avenues into Central and Eastern European markets." The transaction is subject to the approval of appropriate regulatory agencies.

(Feb. 23, 2000)

 

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