TOLEDO, Ohio (Dec. 3)—Dana Corp. is consolidating its engine and fluid businesses as part of "the most extensive restructuring" the company has ever undertaken. Dana will take a charge of about $445 million to combine those two groups and integrate the axle manufacturing operations in its Off-Highway Systems Group with those of its Commercial Vehicle Systems unit. Dana alluded to the restructuring—which will include the closure or consolidation of more than 30 sites globally—in October when it said it would eliminate more than 11,000 jobs or 15 percent of its work force. The manufacturer will take more than half of the charges, about $289 million, during the fourth quarter of this year and the remainder in 2002. The new Engine and Fluid Management Group, which will be headed by Mike Laisure, who was previously in charge of the Fluid Systems Group, will be comprised of more than 130 operations in 15 countries with combined annual sales of about $2.3 billion. The group will provide strategic components and systems to enhance fuel economy and power generation, Dana said.
Dana to consolidate engine, fluid business units
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