This Week:
- Ford Model T voted Car of the Century -
recognized for its impact & contributions worldwide
.
Henry Ford Voted Automotive Entrepreneur of the Century by International Panel
. - GM Group And Honda Agree To Cross-Supply Engine
Arrangement
. - DaimlerChrysler Welcomes Successful Conclusion to
Negotiations on Payments for Former Forced Laborers
. - The Former Chairman of the Board of Management of
BMW AG Bernd Pischetsrieder will be released from his Contract
. - Quality mark for Audi: European plants granted blanket accreditation according to VDA Standard 6.1 for the first time
- Volvo Trucks' Deliveries January-November 1999
. - Allison Transmission Selects Site For Parts
Distribution Facility
. - Dana Corporation Announces Global Restructuring Efforts
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News of December 21, 1999
| Dana Corporation Announces Global Restructuring Efforts . |
| Toledo, Ohio, Dec. 20, 1999 - Dana Corporation announced today the
downsizing of its Structural Products facility in Reading, Pa., which, as previously
discussed with the people there, will result in a workforce reduction at that facility. In
addition, the company said it would also be restructuring various smaller operations in
South America and Europe as part of a global effort to improve its asset utilization. This announcement follows the company's statement in October that it would be considering actions that could result in charges against earnings in the fourth quarter. "The downsizing at Reading is the most significant of the restructuring actions that will be taken in the fourth quarter. We now believe, consistent with our previous announcement, that the total fourth-quarter charges will be in the range of $150-200 million before taxes," said Joe Magliochetti, Dana president and CEO. "While difficult, these decisions have to be made to improve our competitiveness in a changing business environment. By eliminating excess capacity created by market shifts and by utilizing our assets more efficiently, we position Dana better for the future."
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