Dana cutting 10,000 jobs
TOLEDO, Ohio (Feb. 14, 2001) — Dana Corp. posted a fourth-quarter loss yesterday and said it planned to eliminate 10,000 jobs, or 12% of its work force, to counter a slowdown in the auto industry.
Dana, which produces components for cars and commercial vehicles, reported a net loss of $84 million US, or 57 cents per share, in the quarter ended Dec. 31. The Toledo-based company broke even in the fourth quarter of 1999.
Excluding one-time charges for additional downsizing, plant closures, and other items, the company earned $2 million, or 1 cent a share.
Fourth quarter sales fell 17% to $2.69 billion from $3.24 billion in same period in 1999.
Dana has already closed 11 plants and cut 10,000 of its 85,000 jobs worldwide in the past year.
Have your say
This is a moderated forum. Comments will no longer be published unless they are accompanied by a first and last name and a verifiable email address. (Today's Trucking will not publish or share the email address.) Profane language and content deemed to be libelous, racist, or threatening in nature will not be published under any circumstances.