Dana and GETRAG to partner with Volvo

Automotive Industries, May, 2003

Dana Corp. and GETRAG Getriebe- und Zahnradfabrik Hermann Hagenmeyer GmbH & Cie KG (GETRAG) have signed a letter of intent with Volvo Car Corp. for a new Dana-GETRAG entity to purchase a 60-percent interest in Volvo's operations in Koping, Sweden.

The joint venture with Volvo Car Corp. will produce all-wheel-drive and chassis systems for passenger cars and sport-utility vehicles. Plans for the new joint venture call for the operations in Koping to be streamlined to create a fully integrated, self-sufficient All-Wheel-Drive Center. The joint venture will act as a fully independent supplier and will market its services to Ford Motor Co., its affiliates and other automotive manufacturers around the world.