Dana Incorporated

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Dana Incorporated
Company typePublic
NYSE: DAN
IndustryAutomotive industry
Founded1904
FounderClarence W. Spicer, Charles A. Dana, Joseph Victor, Hugo Reinz, J.B. Long
Headquarters
Maumee, Ohio
,
United States
Area served
Worldwide
Key people
James K. Kamsickas (President & CEO)
ProductsAxles, driveshafts, sealing and thermal products for automotive, commercial vehicle, and off-highway vehicle manufacturers
RevenueDecrease US$ 6 billion (FY 2015)
Decrease US$ 393.0 million (FY 2015)
Decrease US$ 159.0 million (FY 2015)
Total assetsDecrease US$ 4.3 billion (FY 2015)
Number of employees
23,400
SubsidiariesGWB Driveshaft
Websitewww.dana.com
Footnotes / references
[1]

The Dana Incorporated is an American worldwide supplier of drivetrain, sealing, and thermal-management technologies. Founded in 1904 and based in Maumee, Ohio, the company employs more than 23,000 people in 25 countries on six continents. In 2015, Dana generated sales of nearly $6.1 billion. The company is included in the Fortune 500.

History

Dana corporate headquarters, Maumee, OH

1904

  • Clarence W. Spicer, engineer, inventor, and founder of the company, began manufacturing universal joints in Plainfield, New Jersey.
  • The first C.W. Spicer "u-joints" are shipped to Corbin Motor Company in Connecticut.

1905

  • Spicer Universal Joint Manufacturing Company incorporated.[2]

1906

  • Customer roster grows to include Buick., Olds Motor Works, Mack, Kelly-Springfield., and American Motors.

1909

1910

1914

1916

  • Charles Dana becomes president and treasurer.

1919

  • With an eye on growth beyond universal joints, Charles Dana completes acquisitions of frame, transmission, and axle manufacturers. One of these companies, Salisbury Axle, in 1995 becomes the Spicer Axle Division of Dana.

1922

  • Spicer is listed on the New York Stock Exchange.

1923

  • Profits rise considerably due to increased production of automobiles priced under $1,000 and truck demand by the U.S. government.

1925

  • Spicer expands internationally taking a holding in licensee in England, Hardy, renamed Hardy Spicer.

1928

  • Spicer relocates its headquarters and most operations to Toledo, Ohio, closer to the center of the U.S. automotive industry.

1931

  • The Great Depression and lower vehicle production volumes hit Spicer's sales and earnings. The company returns to profitability in 1933.

1938

  • Clarence Spicer's last of 40 patents is issued Dec. 20, less than a year before he dies.
  • Sales of cars, trucks, and buses hit their lowest point in the Depression era, but Spicer remains profitable.

1940

  • As the U.S. begins war mobilization, the company retools for production of military vehicles and other war materials throughout WWII.

1946

  • Dana became president and treasurer, the company was renamed the Dana Corporation in recognition of Charles Dana's 32 years of leadership. Spicer becomes the brand name for the company's driveline products.[3]
  • 50th anniversary, Dana employs 3,500 people.

1954

  • Dana expands international operations to South America.

1956

  • New York Times declares Dana's Powr-Lok® differential to be "among the more significant engineering improvements" in automotive history.

1957

  • Company introduces the first cruise control on 1958 Chrysler models.
  • Company expands business to the heavy truck and off-highway and markets.

1961

  • Global operations are now located in Argentina, Mexico, Japan, Sweden, South Africa, and Spain.

1962

  • "Spicer Search" contest seeks the company's oldest transmission still in operation. A 1919 Model 50 Brown-Lipe transmission, still in service on a truck, takes the grand prize.

1966

  • Dana acquires the Victor Gasket Manufacturing Company which was founded in 1909.
  • Charles Dana retires as Chairman and CEO after 53 years of continuous service.

1967

  • Dana conducts experiments of driveline concepts for electrical vehicles, decades before the production of hybrid and electric cars.

1971

  • Dana exports products to 123 countries.

1974

  • Dana breaks the $1 billion sales barrier.

1978

  • Charles Dana is inducted into the Automotive Hall of Fame.
  • Dana exceeds $2 billion in annual sales.

1979

  • Dana celebrates its 75th anniversary.

1980

  • Dana rapidly grows in the fields of electronic, mechanical, and fluid power.

1982

  • Spicer Driveshaft Division develops the industry's first all-aluminum driveshaft which debuts on the 1983 Chevrolet Corvette.

1985

  • Dana exceeds $3 billion in annual sales.

1987

  • Dana exceeds $4 billion in annual sales.

1993

  • Dana acquires the Reinz Company, founded in 1920 and forms the new Victor Reinz brand for its gaskets, sealing products, and heat shields.

1995

  • Clarence Spicer is inducted into the Automotive Hall of Fame.
  • Dana acquires axle group of GKN Driveline UK (Birfield / Hardy Spicer) in exchange for part of joint ventures in Argentina, Brazil and Colombia.
  • Dana has 3,500 employees in Asia; business with Japanese manufacturers alone grows to $240 million.

1996

  • Dana acquires Plumley Rubber Company in Paris, Tennessee, to bolster its sealing products portfolio.

1997

  • Dana makes its largest acquisition in company history, buying Clark-Hurth Components from Ingersoll-Rand to create the Off-Highway Components Group.

1998

  • Dana acquires Long Manufacturing (established in 1903), adding extensive thermal-management capabilities.

2000

  • Spicer Driveshaft Division wins the Malcolm Baldrige National Quality Award.

2001

  • Dana receives the Ford Motor Company Citizenship Award in recognition of its minority-development efforts, community support, and environmental initiatives.

2002

  • Ford honors Dana with a World Excellence Award as one of the company's top suppliers for 2002.
  • Volvo honors Dana with the Award of Excellence.
  • GM honors Dana as a 2002 Supplier of the Year for its fuel cell technology.

2003

  • Dana celebrates its 100th anniversary.
  • A 180,000-square-foot engineering center opens in Toledo, Ohio.

2004

  • Dana celebrates its 100th anniversary.

2006

  • Dana filed for bankruptcy.[4]

2007

  • Dana canceled 150 million shares of stock during bankruptcy.[5]

2009

  • Dana sells its structural products business which includes 10 manufacturing plants to Metalsa, approximately 2,800 workers were shifted to Metalsa.[6]

2010

  • Dana extends its leadership position in the commercial vehicle driveline market with a 50-percent stake in Dongfeng Dana Axle Co., Ltd.
  • Completes strategic agreement with SIFCO S.A., making Dana the leading supplier of complete drivelines in South America.

2011

  • Dana introduces Spicer® Pro-40™ tandem drive axles with reduced weight and improved power density for heavy trucks.
  • Dana partners with Bosch Rexroth AG to develop a hydromechanical variable transmission to reduce fuel consumption in off-highway vehicles.
  • Honored with Frost & Sullivan Best Practice Award for Technology Innovation for the proprietary process behind Spicer Diamond™ Series driveshafts.

2012

  • Dana and Ford are honored with the Automotive News PACE Innovative Partnership Award for bringing the marketplace a thermal technology that improves fuel efficiency by up to 4 percent.

2013

  • The Dana China Technical Center, a 129,000 square-foot facility in Wuxi, Jiangsu Provence, China, opens.

2014

  • Opening of the Dana India Technical Center, a 90,000 square-foot facility in Pune, India

2015

  • Dana and Audi are awarded a 2015 Automotive news Pace Innovation Partnership Award for developing Victor Reinz partially coated multi-layer steel valve body separator plates.
  • Dana opens its 16th technology center in Cedar Park, Texas and the Dana Spicer Thailand gear manufacturing facility.

Products

Key products include axles, drive shafts, universal joints and sealing and thermal-management products.

Axles

Suspension

Restatement

On September 15, 2005, Dana restated its second-quarter 2005 financial statements, primarily to correct inappropriate recognition of price increases in its Commercial Vehicle business during the second quarter.[7] On October 10, 2005, Dana Corporation restated its 2004, first-quarter 2005, and second-quarter 2005 financial statements to correct issues involving customer pricing and transactions with suppliers in Dana's Commercial Vehicle business.[8]

Divisions

  • Light Vehicle
  • Commercial Vehicle
  • Off highway
  • Industrial
  • Aftermarket

References

  1. ^ "Dana Incorporated (DAN)". Yahoo! Finance.
  2. ^ a b Michael S. Raber, Historic American Engineering Record (HAER) No. NJ-144, "Spicer Manufacturing Company, 2006."
  3. ^ https://news.google.com/newspapers?id=TasfAAAAIBAJ&sjid=8NYEAAAAIBAJ&pg=1142%2C5386062
  4. ^ Peters, Jeremy W. "Auto Supplier Dana Files for Bankruptcy Protection, The New York Times, 03 March 2006. Retrieved 06 October 2013.
  5. ^ Pakulski, Gary T. "Dana plans to cancel 150m shares of old stock: Investors get nothing following Chapter 11", toledoBlade.com, 05 September 2007. Retrieved on 02 October 2010.
  6. ^ http://www.prnewswire.com/news-releases/metalsa-to-acquire-dana-holding-corporations-structural-products-business-79443307.html
  7. ^ "Dana CorporationRevises 2005 Earnings Outlook, Restatement of Second-Quarter 2005 Financial Statements Likely".
  8. ^ "Dana CorporationtoRestateFinancial Statements for 2004 & 2005, Write Off U.S. Deferred Tax Assets".

External links

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