Business Services Industry
Auto-Parts Maker to Cut Jobs in Bid to Take Over Toledo, Ohio-Based Dana Corp.
Knight Ridder/Tribune Business News, July, 2003
By Julie M. McKinnon, The Blade, Toledo, Ohio Knight Ridder/Tribune Business News
Jul. 22--The Michigan auto parts maker attempting a hostile takeover of Toledo's Dana Corp. will trim an unspecified number of its own jobs, it announced yesterday in reporting fiscal third-...uarter profits.
ArvinMeritor Inc., of Troy, said profits declined 24 percent to $47 million, or 69 cents a share, from $62 million, or 91 cents a share, from a year ago. Sales increased by 12 percent, in part because of an ac...uisition, from $1.9 billion to $2.1 billion in the ...uarter that ended June 30, the company reported.
Revenue would have fallen without the buyout of a joint-venture stake from a German supplier and a stronger euro, the company said
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