Dana Plans 45 Closures, 3,500 Job Cuts

Dana Corp. said it will close 15 manufacturing plants and 30 distribution centers and cut 3,500 jobs, about 100 more than planned, with its $3.9-billion acquisition of rival Echlin Inc. completed in July. The job cuts make up about 4.4% of the new company’s work force. Toledo, Ohio-based Dana will take $170million in pretax charges for the restructuring, which it estimates will result in savings of $575 million in two years. Dana makes equipment for new vehicles; most of Branford, Conn.-based Echlin’s business is supplying parts for maintenance and repair. Dana shares rose 94 cents to close at $39.50 on the NYSE.