TOLEDO, Ohio, Aug 29 (Reuters) - Leading U.S. auto parts maker Dana Corp. on Thursday said it acquired GKN Ayra Cardan S.A., a maker of driveshafts based in Deba, Spain, in a deal that will expand its reach in Europe.
Financial terms of the agreement were not disclosed.
The operation, which will be known as Spicer Ayra Cardan, supplies chassis and drivetrain systems for carmakers Nissan Motor Co. , Suzuki Motor Corp. and Mitsubishi Motors Corp.
The acquisition resulted from the restructuring of a joint venture with British automotive and aerospace engineering firm GKN Plc that was formed in 1999. Under the new terms, the joint venture company, GKN Driveshafts Ltd., reverts back to 100 percent ownership by GKN's automotive driveline division.