July 11, 2007 -- Dana Mauritius, a wholly owned subsidiary of Dana Corp., has purchased from Dongfeng Motor Co. Ltd. 4% of the registered capital of Dongfeng Axle Co., a Chinese commercial vehicle axle manufacturer that will now be known as Dongfeng Dana Axle Co., Ltd. Under the agreement, Dana Mauritius--which paid approximately $5 million for this equity interest-- has agreed to purchase an additional 46% equity interest in Dongfeng within the next three years for approximately $55 million.

With headquarters in Xiangfan, China, the joint venture company will employ around 8,000 people in three production facilities in Xiangfan and Shiyan, as well as at a R&D center that will be established. Dana said the technical center will support Dongfeng Dana Axle’s commitment to providing customers with world-class manufacturing processes and axle components and systems.

Source: Penton Insight
Source: Factiva