Daido Metal in Joint Venture Dissolution and Manufacturing Facility Acquisition

August 31, 2005

Cleary Gottlieb represented Daido Metal Co., Ltd. in the dissolution of its engine bearing production joint venture with Dana Corporation, and its subsequent purchase of one of the two manufacturing facilities formerly owned and operated by the joint venture.

Daido, headquartered in Nagoya, Japan, is a world leader in the supply of bearings for automotive, marine, rail and industrial engines. Dana, headquartered in Toledo, Ohio, is one of the world’s largest suppliers of systems and components to vehicle manufacturers and their related aftermarkets. Daido’s original partner in the joint venture was T&N, a British industrial manufacturing company, whose interest was sold to Dana in 1998 following T&N’s acquisition by Federal Mogul.