Dana Forms European Joint Ventures For Piston Rings With Japanese Producer

Autoparts Report, Oct 8, 2001

Dana Corp. and Riken Corp. said they agreed to form piston ring sales and manufacturing joint ventures in Europe. The joint ventures is being formed to meet the advanced piston ring requirements of global engine platforms for both diesel and gasoline engines, they said.

"Dana's Perfect Circle and Riken are strong brand names, with complementary product lines and technology," said Dan Moody, vice president of Dana's worldwide engine products group. "Together, we will offer the European market best in class in research and development, manufacturing and distribution."

Kunihiko Oguchi, president of Riken, said, "Riken's and Perfect Circle's engineering capabilities are recognized by our global customers. These joint ventures will have equal ownership of both companies and will provide broad coverage of product lines and technology."

The two companies said this agreement expands the current global relationship they currently have. Perfect Circle and Riken have worked together for more than 12 years in a joint venture supplying parts to North American OE transplant operations, and Riken has extended a licensing agreement to Perfect Circle in South America for the past two years, the companies said in a statement.

Tokyo-based Riken employs 4,400 people and has 11 overseas subsidiaries and affiliates.