Multinational auto parts manufacturer Dana Corp. announced today a new cost cutting campaign that will include layoffs, benefit cost reductions, plant closings and a shift of more U.S. manufacturing to Mexico.
The Ohio-based company manufactures a wide range of engine and drivetrain components, posting worldwide sales of $9.05 billion in 2004. Dana CEO Michael Burns said that the company will narrow the company's focus to concentrate on its core business. Dana will sell off three non-core businesses: engine hard parts (piston rings, camshafts, bearings), fluid products (brake and power steering fluids, etc.), and pump products. Collectively, the business units on the block represent $1.3 billion in annual revenue.

Layoffs, amounting to 5 percent of salaried employees, will be accomplished through attrition.

Automotive News ranks Dana 15th among its Top 100 global suppliers.

[via Automotive News]

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