Automotive parts makers Dana Holding Corp. and Bosch Rexroth AG on April 16 said they are forming a joint venture to produce drive transmissions for off-highway vehicles.

The two companies said they have signed a memorandum of understanding and will establish the 50-50 joint venture in Arco, Italy.

Other terms weren't disclosed.

Shares of Dana, which is headquartered in Maumee, Ohio, rose 7 cents to $13.74.

Copyright 2010 The Associated Press.