Description
Dana Incorporated is an American supplier of axles, driveshafts, transmissions, and electrodynamic, thermal, sealing, and digital equipment for conventional, hybrid, and electric-powered vehicles. The company's products and services are aimed at the light vehicle, commercial vehicle, and off-highway equipment markets. Founded in 1904 and based in Maumee, Ohio, the company employs nearly 36,000 people in 33 countries. In 2019, Dana generated sales of $8.6 billion. The company is included in the Fortune 500.
History
- In 1904, Clarence W. Spicer, engineer, inventor, and founder of the company, began manufacturing universal joints in Plainfield, New Jersey.
Also in 1904, the first C.W. Spicer "u-joints" were shipped to Corbin Motor Company in Connecticut. - In 1905, Spicer Universal Joint Manufacturing Company was incorporated.
- In 1909, the company changed its name to Spicer Manufacturing Company.
- In 1910, Spicer relocated to South Plainfield, New Jersey.
- In 1914, Charles Dana joined the company.
- In 1922, Spicer was listed on the New York Stock Exchange.
- In 1925, Spicer expanded internationally taking a holding in licensee in England, Hardy, renamed Hardy Spicer.
- In 1946, Dana became president and treasurer, and the company was renamed the Dana Corporation. Spicer becomes the brand name for the company's driveline products.
- In 1963, Dana acquired the Perfect Circle Company.
- In 1972, Dana bought a 35% stake in Wolverhampton-based engineering company, Turner Manufacturing. The remaining shares were acquired a few years later.
- In 2006, Dana filed for bankruptcy.
- In 2007, Dana canceled 150 million shares of stock during their bankruptcy.
- In 2018, Dana announced that it was buying a majority stake in TM4 Inc., a company specialized in electric powertrains, for C$165 million (US$127 million).
- In 2019, Dana acquired privately held SME Group (Italy).
- In March 2019, Dana purchased Drive Systems segment of the Oerlikon Group, including the Graziano Trasmissioni and Fairfield brands and VOCIS, a wholly owned electronic controls business located in the UK.
- In August 2019, Dana acquired Nordresa Motors, Inc.
- In 2020, Dana started using 3D printers at its Advanced Manufacturing Center in Maumee, Ohio to manufacture face shield components for use during the coronavirus pandemic.
- In March 2021, Dana acquired Pi Innovo from Plymouth, Michigan.
