Auto parts supplier Dana Corp. to close plants, cut 11,000 jobs

Associated Press WriterTOLEDO, Ohio (AP) -- Auto parts supplier Dana Corp. will cut about 11,000 jobs, or about 15 percent of its work force, through plant closings and consolidations, the company announced Wednesday.

The reductions come on top of about 10,000 job cuts made within the last two years because of an oversupply of vehicles and slow U.S. sales.

"We have devoted significant effort to scaling our operations for lower production forecasts," said Dana chairman Joe Magliochetti. "Unfortunately, recent events require that we quicken the pace and make even further reductions."

Dana currently employs about 75,000 people.

The company did not say which plants would be closed. About 30 facilities are being evaluated, and Dana also will look to outsource some operations, Magliochetti said.

The Toledo-based company also will reduce its quarterly dividend paid to shareholders from 31 cents per share last quarter to one cent per share, saving $178 million.

------On the Net: http://www.dana.com