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Dana and ZF to disengage
Page 6
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• The long-running joint-venture talks between Dana of the USA and ZF (Zalmradfabrik Friedrichshafen) of West Germany, have been called off.
Negotiations between the two companies over the setting up of a worldwide commercial vehicle transmission joint-venture, to be called ZFSpicer International, began in 1983 and an agreement in principle was reached a year later. No real progress in the talks appears to have been made since then.
In a statement issued from Dana headquarters in Toledo, Ohio, Dana chairman, Gerald Mitchell, said. Complicated tax and valuation issues which neither of us had foreseen in the early days of discussion arose later and made an arrangement that served the best interests of both parties all but impossible."
ZF says that despite the failure of the talks with Dana it intends to continue expanding its market share in the USA, and there is no question of failing to complete its contract to supply Ford annually with about 120,000 Dana-built gearboxes for light commercial vehicles.