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TOLEDO, Ohio, Oct. 20 /PRNewswire/ -- Dana Corporation (NYSE: DCN) announced today that its synergies plan for integrating the operations of the former Echlin Inc. into Dana's business should result in greater operational savings than previously estimated. Southwood J. Morcott, chairman and chief executive officer, said that Dana's original goal of $170 million in pre-tax synergies in 1999 has been revised upward to $200 million, and its projection of $340 million in 2000 has been increased to $375 million. The $375 million in savings is expected to come from the following areas: -- $140 million from previously announced Phase I and II Echlin restructuring activities; -- $115 million from additional plant closures and consolidation, as well as synergies in manufacturing operations; -- $90 million from consolidation of aftermarket sales, marketing, and distribution functions; -- $10 million from consolidation of original equipment sales, marketing, and engineering functions; -- $20 million from the elimination of duplicate corporate expenses. Morcott said that Dana's current plans call for the reduction of more than 3,500 people from the company's global workforce, up from the previously announced number of 3,400. The company ... plans to close 15 manufacturing facilities and eliminate 30 distribution points. These closings are in addition to the rationalization plans previously announced by Echlin and the phase out of the former Echlin corporate headquarters in Branford, Conn. Morcott added, "This is a difficult decision for us.
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Wal-Mart, Sam's Club and 1-800 CONTACTS will create efficiencies across their call centers, websites, purchasing, and distribution efforts -- resulting in customer savings the companies estimate could reach $400 million over the next three years. By offering greater accessibility and savings on contact lenses, the alliance ... aims to make it easier to replace lenses according to a schedule doctors recommend, a practice that may result in better eye health.
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Headquartered in Troy, Mich., Entertainment Publications is the industry leader in consumer savings and merchant promotions. The company is best known for the popular Entertainment(R) book and its industry-leading website, http://www.entertainment.com . These products comprise a membership savings package that offers consumers 50% savings on the things they do every day -- from dining out to movies to grocery shopping to car repairs -- and up to 70% off at nearly 10,000 hotels worldwide. More than eight million memberships are sold annually.
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"International callers are migrating in droves to VoIP phone technology to benefit from huge savings over legacy phone companies," said Doug Weeks, vice president and general manager for Lingo. "Our Unlimited International calling plans naturally includes unlimited domestic and local calls as well."
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