Dana increases stake in Dongfeng, Axles India
The auto-parts maker has increased its stake to 50% in DDAC by purchasing additional 46% stake for $124m from Dongfeng Motor (DFL) and acquired AIL for $13m.
A sales-incentive agreement could increase the company's consideration in the venture by another $20m if it achieves certain profitability targets.
Dana president and CEO Roger Wood said the company is encouraged by the continued strong performance of the truck and bus markets in China, and of its partner Dongfeng, and look forward to the strengthened relationship.
"This is another important step in our ongoing drive to seek out opportunity in the Chinese market and expand globally," Wood said.
Dana has acquired the drive head manufacturing and final assembly operations of the commercial-vehicle axle business of AIL and also assumed responsibility for the marketing, sales, and engineering of these medium- and heavy-duty axles.
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