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Bendix Announces Wheel-End Braking System Joint Venture with Dana
Complementing Technologies Expand Offering In North America
ELYRIA, Ohio, June 22 /PRNewswire/ -- Bendix Commercial Vehicle Systems LLC, a
member of the Knorr-Bremse Group, today announced the signing of a definitive
agreement with Dana Corporation (NYSE:DCN) to create a North American joint
venture focused on commercial vehicle foundation brake components and
technologies. The joint venture transaction is expected to close on June 30,
2004, and will operate under the name Bendix Spicer Foundation Brake LLC.
The move combines and expands complementing technologies throughout North
America, making available a comprehensive range of wheel-end brake products,
including S-Cam, air disc brakes, slack adjusters and actuators, as well as a
full array of related aftermarket parts for medium- and heavy-duty commercial
vehicles. It integrates the braking systems expertise from Bendix and the
Knorr-Bremse Group, with the axle and brake integration capability of Dana, for
a powerful long-term partnership between the organizations.
"Joint ventures support Dana's drive to deliver the best performing
technologies to our customers. We're pleased to combine strengths with the
Knorr-Bremse Group to strengthen our product offering to our commercial vehicle
customers," stated Michael J. Burns, chairman and CEO of Dana Corporation.
Nick Cole, president of Dana's Heavy Vehicle Technologies and Systems Group,
added, "We strongly support this initiative knowing that both companies will
contribute product, technology, and distribution leadership to support all our
customers with innovative systems solutions that will add true value for
commercial vehicle owners."
Heinz Hermann Thiele, chairman of Knorr-Bremse AG, remarked, "We believe this
business has a strong future. The combination of Bendix and Dana foundation
brake solutions represents a dynamic force in the commercial vehicle industry,
with an increased capacity to serve the needs of our customers."
"The launch of this joint venture is further evidence of our continued
commitment to provide our North American customers a full range of innovative
commercial vehicle braking system solutions," said Joe McAleese, president and
CEO of Bendix.
The joint venture integrates the dedicated foundation brake business units of
both Bendix and Dana. Completion of the transaction is subject to final
corporate approvals at both companies.
About Dana Corporation
Dana Corporation is a global leader in the design, engineering, and
manufacturing of value-added products and systems for automotive, commercial,
and off-highway vehicles. The company's continuing operations employ
approximately 45,000 people worldwide dedicated to advancing the science of
mobility. Founded in 1904 and based in Toledo, Ohio, Dana operates technology,
manufacturing, and customer-service facilities in 30 countries. Sales from
continuing operations totaled $7.9 billion in 2003. Dana's Internet address is
http://www.dana.com/ .
About Bendix Commercial Vehicle Systems
Bendix Commercial Vehicle Systems LLC, a member of the Knorr-Bremse Group,
supplies air brake charging and control systems and components, vehicle
modules, and leading-edge safety technologies under the Bendix(R) brand name
for medium- and heavy-duty trucks, tractors, trailers, buses and other
commercial vehicles in North America, Europe and Australia. Employing more than
1,800 people, Bendix is headquartered in Elyria, Ohio, with manufacturing
plants in Acuna, Mexico, Frankfort, Ky., and Huntington, Ind. For more
information, call 1-800-AIR-BRAKE (1-800-247-2725) or visit
http://www.bendix.com/ .
DATASOURCE: Bendix Commercial Vehicle Systems LLC
CONTACT: Barbara Gould of Bendix Commercial Vehicle Systems LLC,
+1-440-329-9609, or , or Jim Houck of Marcus Thomas
LLC, +1-888-482-4455, or , or Gary Corrigan of Dana
Corporation, +1-419-535-4704, or