Dana to shed jobs in reorganization of off-highway axle business
The consolidation and related transfer of production assets are expected to be completed by December 2005. Production in Statesville is scheduled to end in September. These actions will result in 300 job losses and an after-tax charge of approximately $25 million. "The decision to consolidate manufacturing was necessary to strengthen the competitiveness of this business long term," said Nick Cole, president of Dana's Heavy Vehicle Technologies and Systems Group. "We're committed to sustaining and growing our leadership position among off-highway vehicle manufacturers." Dana Corporation employs approximately 45,000 people worldwide and operates technology, manufacturing, and customer-service facilities in 30 countries.