Dana Corporation (NYSE: DCN) and Riken Corporation today announced that they have agreed to study an alliance for the development of advanced piston ring technology. Further, the companies are studying the potential for a joint venture for piston ring manufacturing in Europe.

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Through a memorandum of understanding, the companies said that the alliances would better serve the worldwide customer base of each company through faster development of technology and stronger manufacturing and distribution, especially in Europe.

"Dana's Perfect Circle operations and Riken are leaders in the development of advanced piston ring technology. This global alliance would offer our worldwide customers even greater solutions for engine performance," said Daniel Moody, president of Dana's worldwide Perfect Circle engine products operations.

K. Oguchi, president of Riken, said, "Riken and Perfect Circle have global customers; this alliance would serve to further strengthen each company's research and development, manufacturing, and distribution efforts, especially in Europe."

Riken Corporation is one of the world's foremost piston ring makers. Founded in 1927 and based in Tokyo, Japan, the corporation employs 4,400 people and has 11 overseas subsidiaries and affiliates.

Dana Corporation is one of the world's largest independent suppliers to vehicle manufacturers and their related aftermarkets. Founded in 1904 and based in Toledo, Ohio, the company operates approximately 320 major facilities in 32 countries and employs more than 82,000 people. Dana's Internet address is www.dana.com .