According to an article in the Detroit Free Press, the Toledo, Ohio-based company has seen markets for its automotive and truck parts fall apart in the past six weeks as heavy truck makers cut production.
The company is planning on cutting its workforce by 3,000 jobs at several Dana sites, including its Reading, Pa., structural products manufacturing plant, which employs nearly 400 workers.
Earlier this week, the company issued an earnings warning, stating it expects earnings to be 41 cents to 46 cents per share lower than analysts' expectations of 86 cents per share.
Officials attributed the financial woes to the combination of cutbacks in light-vehicle production and heavy-truck production, continued weak sales to automotive replacement part markets and unfavorable foreign exchange rates. The company is now forecasting that 257,000 heavy-duty trucks, 23 percent fewer than last year, will be built in 2000.