|Toledo, Ohio - As part of its continuing effort to focus on
core businesses, Dana Corporation announced that it is planning to sell its global Chelsea
Power Take-Off operations.
Chelsea, which manufactures auxiliary power equipment in the
United States and England, employs approximately 135 people and had sales of $57 million
Dana Chairman and CEO Joe Magliochetti said, "Over the past three years, Dana has
announced the divestiture of operations with annual sales of nearly $2 billion in the
aggregate. In most cases, these were profitable businesses that just no longer fit within
the strategic transformation of our company. As Dana grows, we will continue to prune our
business and focus on core areas of growth.
Rick Clayton, president of Dana's Heavy Truck Group, said, "Chelsea is a very
strong operation with a solid brand name and an excellent record of performance. This
decision, while difficult, is best for Dana and Chelsea in the long run, as it will allow
Chelsea to grow with a new parent and Dana to focus on business where it has critical
mass. The move is another example of our adherence to our Five-Point Plan."
(May 10, 2000)