Dana Corporation acquires European driveshaft operation

Dana Corporation has acquired Spanish driveshaft manufacturers, GKN Ayra Cardan for an undisclosed fee. Dana believes the acquisition will enhance the company’s ability to develop new products and technologies.

Dana Corporation has acquired GKN Ayra Cardan, S.A., a Spanish driveshaft manufacturing facility, which will enhance Dana’s ability to offer light-duty propeller shafts and accelerate the development of new products and technologies.

The facility – which will be known as Spicer Ayra Cardan – currently supplies products for Nissan/Renault, Suzuki, and Mitsubishi.

The acquisition was the result of a restructuring of terms of a joint venture with GKN plc that was formed in 1999.

Under the new terms, the joint- venture company, GKN Driveshafts Ltd., reverts back to 100-percent ownership by the Automotive Driveline Division of GKN. Financial terms of the agreement were not disclosed.

‘This new operation provides a valuable opportunity to expand Dana’s business outside the United States,’ said Joe Magliochetti, Dana’s chairman and CEO. ‘The agreement is in keeping with our Transformation 2005 strategic goals and will benefit our European customers by having another Dana-owned facility dedicated to providing innovative high-quality products in their region.’

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