TOLEDO, Ohio -- Dana Corp. dissolved an engine bearings joint venture with Japanese supplier Daido Metal Co. and sold its fuel-rail business in separate deals.
The supplier said it expects the transactions to result in an after-tax charge of about $11 million, to be reported in the third quarter as an unusual item. Specifics of the deals were not disclosed.
In the deal with Daido Metal, Dana took ownership of a 320-employee plant in Atlantic, Iowa, and Daido took over a Bellefontaine, Ohio, plant with 350 employees. Dana had held a 70 percent stake in the joint venture.
Dana also sold its fuel-rail facility in Angola, Ind. , to Millennium Industries, of Auburn Hills, Mich., which makes automotive fuel systems. The Indiana facility has about 250 employees.
Dana, of Toledo, Ohio, supplies axles, driveshafts, structures and related systems, sealing, thermal management, fluid transfer and engine power products and chassis.