TOLEDO, Ohio (AP) - Dana Holding Corp. says it will close up to 10 plants over the next two years and cut 2,000 more jobs than originally planned as the auto parts maker posts a widener loss for the third quarter.
The company said Thursday its loss was $279 million, or $2.79 per share, compared with $69 million, or 46 cents per share, last year. Sales fell 9% to $1.93 billion from $2.13 billion.
Dana says the plant closures, and 5,000 job cuts planned for this year, are part of a push to downsize the company amid a steep drop in demand. Previously, the company said it expected to cut only 3,000 employees.
Auto parts suppliers have been battered recently as automakers cut production to deal with the shrinking vehicle market.