Dana Sells Truck Frame Maker To AAPICO

BANGKOK, May 20, 2003: Reuters reported that Thai auto-parts maker AAPICO Hitech Plc said today it would acquire a Thai manufacturer of frame sets for Isuzu pick-up trucks from U.S. firm Dana Corporation for nearly $50 million.

AAPICO said in a letter to the Stock Exchange of Thailand (SET) it would buy a 99.99 percent stake in common shares of Parish Structural Products (Thailand) Ltd.

Parish makes frame sets for one tonne pick-up trucks manufactured by Japan's Isuzu.

AAPICO said the transaction was worth 2.05 billion baht ($48.86 million), adding that it would cover the cost through 1.75 billion baht in borrowings and an issue of new shares.

The acquisition would be submitted for shareholder approval on June 20, the firm said.