Dana to Cut Jobs, Close Plants and Sell Units
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Auto-parts supplier Dana Corp. said it would cut its salaried workforce by 5%, close two U.S. plants and sell parts of its business to sharply reduce costs.
The Toledo, Ohio-based company, which is struggling along with its peers in the auto-parts industry because of soaring energy and steel costs, also plans to reduce employee benefits and freeze wages.
Dana plans to narrow its product line by selling businesses that employ about 9,800 people worldwide. The company will focus on its drivetrain products and sealing and thermal products.
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