Dana Invests In Slovakian Engine-Parts Manufacturer

Dana Corp. announced Feb. 23 it will purchase a majority interest in Tribometal AS, a manufacturer of engine bearings and metal-polymer bushings in Dolny Kubin, Slovakia. Sales for the business were $7.5 million in 1999. "This acquisition fits perfectly into our global growth strategy -- further strengthening our foothold in the Eastern European market by adding to our successful filter operations in Poland," says Southwood J. Morcott, Dana chairman. The purchase also will help Toledo, Ohio-based Dana expand its engine group's opportunities in automotive, heavy-truck, and general applications, says Joe Magliochetti, Dana president and CEO. "This business has a highly skilled workforce and a history of quality and growth," Magliochetti says. The sale is subject to the approval of regulatory agencies.