Auto Parts Company to Close Plants

An auto parts company with three plants in Missouri says it will announce late next month the locations of eight plants it is going to close. Dana Corporation also plans to modify or reject union contracts and eliminate retiree health care benefits. Dana says the plan will help it get out of bankruptcy. It has plants in Ballwin, which it has been trying to shelve for more than a year, Cape Girardeau and Columbia. Dana makes engine and chassis components and axles. It says brutal global competition, outrageous employee benefits, and inefficient plants have caused it to lose more than $2 billion in the last five quarters.