Dana reaches partnership agreement with UAW

TOLEDO, Ohio (Aug. 13)—Dana Corp. has entered into a partnership agreement with the United Auto Workers union. The agreement establishes collective bargaining and representation principles for Dana´s U.S. plants serving the Big 3, the company said, and establishes a cooperative approach with the goal of ensuring that labor agreements negotiated between the two are competitive for Dana and its workers. The union had made Dana its No. 1 organizing target among automotive suppliers, something that had given at least one automotive ratings firm concerns. USB Warburg rated the firm´s stock neutral-2 and said Aug. 12 in a teleconference call that unionization presents little threat to the company, but an ongoing fight with the UAW could divert management attention, cause labor unrest and/or loss of favor with the Big 3 auto makers.