Bendix Announces Wheel-End Braking System Joint Venture with Dana
22 June 2004 - 11:30PM
PR Newswire (US)
Bendix Announces Wheel-End Braking System Joint Venture with Dana
Complementing Technologies Expand Offering In North America ELYRIA,
Ohio, June 22 /PRNewswire/ -- Bendix Commercial Vehicle Systems
LLC, a member of the Knorr-Bremse Group, today announced the
signing of a definitive agreement with Dana Corporation (NYSE:DCN)
to create a North American joint venture focused on commercial
vehicle foundation brake components and technologies. The joint
venture transaction is expected to close on June 30, 2004, and will
operate under the name Bendix Spicer Foundation Brake LLC. The move
combines and expands complementing technologies throughout North
America, making available a comprehensive range of wheel-end brake
products, including S-Cam, air disc brakes, slack adjusters and
actuators, as well as a full array of related aftermarket parts for
medium- and heavy-duty commercial vehicles. It integrates the
braking systems expertise from Bendix and the Knorr-Bremse Group,
with the axle and brake integration capability of Dana, for a
powerful long-term partnership between the organizations. "Joint
ventures support Dana's drive to deliver the best performing
technologies to our customers. We're pleased to combine strengths
with the Knorr-Bremse Group to strengthen our product offering to
our commercial vehicle customers," stated Michael J. Burns,
chairman and CEO of Dana Corporation. Nick Cole, president of
Dana's Heavy Vehicle Technologies and Systems Group, added, "We
strongly support this initiative knowing that both companies will
contribute product, technology, and distribution leadership to
support all our customers with innovative systems solutions that
will add true value for commercial vehicle owners." Heinz Hermann
Thiele, chairman of Knorr-Bremse AG, remarked, "We believe this
business has a strong future. The combination of Bendix and Dana
foundation brake solutions represents a dynamic force in the
commercial vehicle industry, with an increased capacity to serve
the needs of our customers." "The launch of this joint venture is
further evidence of our continued commitment to provide our North
American customers a full range of innovative commercial vehicle
braking system solutions," said Joe McAleese, president and CEO of
Bendix. The joint venture integrates the dedicated foundation brake
business units of both Bendix and Dana. Completion of the
transaction is subject to final corporate approvals at both
companies. About Dana Corporation Dana Corporation is a global
leader in the design, engineering, and manufacturing of value-added
products and systems for automotive, commercial, and off-highway
vehicles. The company's continuing operations employ approximately
45,000 people worldwide dedicated to advancing the science of
mobility. Founded in 1904 and based in Toledo, Ohio, Dana operates
technology, manufacturing, and customer-service facilities in 30
countries. Sales from continuing operations totaled $7.9 billion in
2003. Dana's Internet address is http://www.dana.com/ . About
Bendix Commercial Vehicle Systems Bendix Commercial Vehicle Systems
LLC, a member of the Knorr-Bremse Group, supplies air brake
charging and control systems and components, vehicle modules, and
leading-edge safety technologies under the Bendix(R) brand name for
medium- and heavy-duty trucks, tractors, trailers, buses and other
commercial vehicles in North America, Europe and Australia.
Employing more than 1,800 people, Bendix is headquartered in
Elyria, Ohio, with manufacturing plants in Acuna, Mexico,
Frankfort, Ky., and Huntington, Ind. For more information, call
1-800-AIR-BRAKE (1-800-247-2725) or visit http://www.bendix.com/ .
DATASOURCE: Bendix Commercial Vehicle Systems LLC CONTACT: Barbara
Gould of Bendix Commercial Vehicle Systems LLC, +1-440-329-9609, or
, or Jim Houck of Marcus Thomas LLC, +1-888-482-4455, or , or Gary
Corrigan of Dana Corporation, +1-419-535-4704, or
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