Dana buys five Mexican factories

TOLEDO, Ohio, Nov. 22 (UPI) -- Ohio-based Dana Corp. an auto parts maker, Tuesday agreed to buy five axle and driveshaft factories from Mexico's DESC SA de CV.

The facilities had combined sales of $290 million in the 12 months ending Sept. 30.

DESC, in turn, will assume full ownership of the transmission and aftermarket gasket operations in which it currently holds a 51 percent interest.

Also, Dana and DESC will dissolve their existing joint venture partnership, with Dana assuming 100 percent ownership of operations that manufacture and assemble axles and driveshafts, as well as forging and foundry operations in which Dana currently holds an indirect 49 percent interest, Dana said.