Toledo, Ohio (Feb. 1, 2008) -- Dana Corp. has emerged from Chapter 11 reorganisation after 23 months, and has announced a new chairman and acting CEO.
Mike Burns, chairman and CEO since 2004, said he is remaining through the transition period, and will be succeeded by the newly elected John Devine.
The firm said it is ready to compete in the automotive, commercial vehicle and off-highway markets with the creation of $440 million to $475 million in annual cost savings and revenue improvements. Changes included improving its manufacturing footprint, reducing labor costs and benefit changes, creating VEBA trusts, and reducing administrative expenses.
From Rubber & Plastics News (A Crain publication)Rubber & Plastics News