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Dana Plans 45 Closures, 3,500 Job Cuts

October 21, 1998| Bloomberg News

Dana Corp. said it will close 15 manufacturing plants and 30 distribution centers and cut 3,500 jobs, about 100 more than planned, with its $3.9-billion acquisition of rival Echlin Inc. completed in July. The job cuts make up about 4.4% of the new company's work force. Toledo, Ohio-based Dana will take $170million in pretax charges for the restructuring, which it estimates will result in savings of $575 million in two years. Dana makes equipment for new vehicles; most of Branford, Conn.-based Echlin's business is supplying parts for maintenance and repair. Dana shares rose 94 cents to close at $39.50 on the NYSE.

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