TOLEDO, Ohio (Oct. 17)—Dana Corp. today said it will take various actions to enhance its financial and competitive positions as it faces the prospect of further significant declines in its markets. In addition to cutting its fourth-quarter dividend to 1 cent per share, the firm will set in motion plans to sell its Dana Commercial Credit Corp. leasing services unit and accelerate restructuring of its operations. As part of the restructuring, Dana will reduce its global work force by more than 15 percent, recording after-tax charges of $400 million to $450 million, mostly during the fourth quarter. For the third quarter the company reported a net loss, excluding non-recurring items, of $8 million on sales of $2.4 billion. That compares with net income, excluding non-recurring items, of $61 million on sales of $2.9 billion during the third quarter of 2000.
Dana takes actions to stem losses
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