Dura Automotive Systems Settles Product Recall Issues
30 June 2000Dura Automotive Systems Settles Product Recall Issues
ROCHESTER HILLS, Mich. - Dura Automotive Systems, Inc. , today announced that it has settled two product recall issues. These recalls were announced in the first half of 1999 and involved concerns associated with Trident Automotive plc (Trident) speed control cables and a secondary hood latch. Dura subsequently acquired Trident in April 1998. Settlement of these two issues was reached through a cost sharing agreement. As a result of this agreement, Dura plans to record a one-time pretax charge to operations of $16.0 million during the second quarter of 2000, to cover amounts not previously reserved. Dura Automotive Systems, Inc., is the world's largest independent designer and manufacturer of driver control systems and a leading global supplier of door systems, window systems and engineered mechanical components for the global automotive industry. The company is also a leading supplier of similar products to the North American recreational vehicle, mass transit and heavy truck market. The company's products include door modules, parking brake systems, automotive cables, transmission shifter systems, encapsulated and sliding windows, window regulators, hinges, latches, seating systems, engine control products, underbody tire carriers, jacks, brake, clutch and accelerator pedals and other mechanical assemblies. The company's products are sold to every North American, European and Japanese original equipment manufacturer, including Ford, General Motors, DaimlerChrysler, Volkswagen, BMW, Toyota, Honda, Nissan, PSA (Peugeot and Citroen) and Renault. Dura's operating headquarters is in Rochester Hills, Mich., and its corporate office is in Minneapolis, Minn.