Dana Corporation, GETRAG Sign Joint-Venture Agreement with Volvo Car Corporation to Produce All-Wheel-Drive Systems
08 January 2004 - 3:51AM
PR Newswire (US)
Dana Corporation, GETRAG Sign Joint-Venture Agreement with Volvo
Car Corporation to Produce All-Wheel-Drive Systems TOLEDO, Ohio and
UNTERGRUPPENBACH, Germany, January 7 /PRNewswire/ -- Dana
Corporation (NYSE: DCN) and GETRAG Getriebe- und Zahnradfabrik
Hermann Hagenmeyer GmbH & Cie KG (GETRAG) have signed an
agreement with Volvo Car Corporation (VCC) for a recently formed
GETRAG-Dana joint-venture company to purchase a 60-percent interest
in VCC's operations in Koping, Sweden. (Logo:
http://www.newscom.com/cgi-bin/prnh/19990903/DANA ) The resulting
joint venture with VCC - to be known as GETRAG All Wheel Drive AB,
a Dana/GETRAG company - will produce all-wheel-drive (AWD) and
chassis systems and components for passenger cars and sport-utility
vehicles. "We are extremely excited about this latest chapter in
the Dana-GETRAG relationship and even more so about this
opportunity to work with a distinguished automaker such as Volvo,"
said Bill Carroll, Dana's acting president and chief operating
officer. "This arrangement will leverage the combined expertise of
Volvo, GETRAG, and Dana to serve the growing crossover- vehicle
market." Plans for the joint venture call for the operations in
Koping to be streamlined to create a fully integrated,
self-sufficient All-Wheel-Drive Center of Excellence that will
include research, development, and engineering; sales and
marketing; purchasing; and production of AWD components and
assemblies. The joint venture will market its services to Ford
Motor Company, its affiliates, and other automotive manufacturers
around the world as a member of the GETRAG Group. Principal
products of the joint venture will include power take-off units,
rear-drive units, front-drive units, and chassis systems and
components. "Together with Volvo, we will transform Koping into the
leading full- service supplier in the increasing European AWD
marketplace," said Tobias Hagenmeyer, CEO of the GETRAG Corporate
Group. "This venture is exciting because it is driven by the
high-value technologies that Dana and GETRAG can jointly provide to
the world's leading AWD car manufacturers. It also presents a
tremendous opportunity to grow our support for Volvo, Land Rover,
and other affiliates of Ford Motor Co., as well as servicing the
European customers of GETRAG and Dana's global all-wheel-drive
activities." As part of the joint venture, the new company expects
to enter into long- term supply agreements with all involved
affiliates of Ford Motor Co. The operations in Koping currently
comprise approximately one million square feet (93,000 square
meters). GETRAG is a major supplier to the European automotive
industry with an excellent reputation for quality products and
technologies. Privately owned, GETRAG was founded in 1935 by
Hermann Hagenmeyer and is headquartered in Untergruppenbach,
Germany. GETRAG is now located at 16 sites around the world,
including Germany, Italy, France, U.K., United States, India, and
Japan. The company produces manual transmissions for passenger
cars, SUVs, vans, motorcycles and light trucks and automated manual
transmissions (ASG(R)) for the automotive industry. The company's
revenues totaled 1.9 billion Euros in 2002 and it employs
approximately 9,000 employees. Dana Corporation is a global leader
in the design, engineering, and manufacture of value-added products
and systems for automotive, commercial, and off-highway vehicle
manufacturers and their related aftermarkets. The company employs
approximately 60,000 people worldwide. Founded in 1904 and based in
Toledo, Ohio, Dana operates hundreds of technology, manufacturing,
and customer service facilities in 30 countries. The company
reported sales of US$9.5 billion in 2002. The company's Internet
address is www.dana.com . Dana owns a 30-percent interest in
GETRAG, the parent company of the GETRAG group of companies, and a
49-percent direct interest in GETRAG's North American operations.
Web site: http://www.dana.com DATASOURCE: Dana Corporation CONTACT:
Jeff Cole of Dana Corporation, +1-419-535-4704, or
jeff.cole@dana.com Photo: NewsCom:
http://www.newscom.com/cgi-bin/prnh/19990903/DANA AP Archive:
http://photoarchive.ap.org PRN Photo Desk, photodesk@prnewswire.com
Company News On-Call: http://www.prnewswire.com/comp/226839.html
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