Toledo's Dana Corp. said yesterday it has dissolved a joint venture that makes engine bearings and has sold an unrelated fuel-rail unit to try to shore up its finances after four quarters of profit declines.
The transactions are expected to cost a total of about $11 million, or 7 cents a share, in the third quarter, the firm said.
Dana said it took ownership of a plant in Atlantic, Iowa, in dissolving the joint venture with Daido Metal Co. Ltd. and Daido took ownership of a plant in Bellefontaine, Ohio. Dana also sold a fuel-rail production facility in Angola, Ind., to manufacturer Millennium Industries. Terms of the sale were not disclosed.