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October 22, 2004

USA: Dana boosts stake in Japanese sealing products maker

Dana Corp has more than doubled its ownership stake in Japanese sealing products maker Nippon Reinz Co. Ltd. to 53.7%, Reuters reported.

By bcusack

Dana Corp has more than doubled its ownership stake in Japanese sealing products maker Nippon Reinz Co. Ltd. to 53.7%, Reuters reported.

Dana reportedly said its increased stake in the automotive gasket, filter and protective shield maker, up from 26.3% previously, will strengthen its ability to provide parts for Japanese customers from within their own country.

Mitsubishi Cable Industries Ltd., which had owned the 73.7% of Nippon Reinz not held by Dana, now has a 46.3% share, Dana said, according to Reuters.

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