Dana Holding Corporation (NYSE: DAN) Thursday announced that its wholly owned subsidiary has signed an agreement with Victor Reinz India (VRI), the company's joint venture with India-based Jayant Group, to manufacture Dana's heat exchanger technologies for the local market.
The agreement leverages Dana's existing technical knowledge and manufacturing capabilities with Victor Reinz India's customer relationships and physical infrastructure to expand the company's reach and product offerings in India, which will now include engine oil coolers, fuel coolers, transmission oil coolers, and power steering oil coolers.
Victor Reinz India has been producing multi-layer steel cylinder-head gaskets, secondary gaskets, and thermal-acoustical protective shielding for automotive customers in India since 2009.
"The licensing of Dana technology to the joint venture is the next logical step to meet the rising demand for high-quality thermal solutions in India," said Dwayne Matthews, president Dana Power Technologies. "We are building on the success of Dana's gaskets and heat shields to bring additional innovations to the region that deliver both durability and efficiency."
Dana's presence in India dates to the 1960s and, through its facilities and affiliates, today manufactures an entire product portfolio, including sealing and thermal technologies, axles, and driveshafts for the automotive, commercial, and off-highway vehicle markets.
The transaction is subject to customary closing conditions and is expected to be completed within the next two months.
About Dana Holding Corporation
Dana is a world-leading supplier of driveline, sealing, and thermal-management technologies that improve the efficiency and performance of passenger, commercial, and off-highway vehicles with both conventional and alternative-energy powertrains. The company's global network of engineering, manufacturing, and distribution facilities provides original-equipment and aftermarket customers with local product and service support. Based in Maumee, Ohio, Dana employs more than 23,000 people in 26 countries and reported 2012 sales of $7.2 billion. For more information, please visit www.dana.com.
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