|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
"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)