History About Dana Corporation:
Dana Corporation a U.S. auto parts maker based in Maumee, Ohio is currently an over 7 billion dollar company ranked on the Fortune 500 list. Founded in 1904 Dana was originally known as the Spicer Universal Joint Manufacturing Company, which was then renamed Spicer Manufacturing Company, and was finally changed to Dana in 1916. They are a worldwide supplier of axles, drive shafts, seals, thermal-management products, torque couplings, modular assemblies, suspensions, tire management systems, service parts, and universal joints.
The primary markets they supply for are light vehicles, heavy vehicles and off-highway vehicles. Most of their revenue comes from light vehicles in North America where they supply to companies like Ford, Dongfeng, Volkswagen, Chrysler, Hyundai Mobis, Volvo, Nissan, GM and more. Some of the off-highway vehicles they supply for are companies such as Deere, Navistar, PACCAR and Sandvik. They provide parts for every major automotive company in the world, commercial vehicles and off-highway markets. Some of brands and key products they carry are Spicer Axles, Spicer Driveshaft, Spicer Tire Management Products, Spicer Transmission, Victor Reinz sealing products and long thermal products. They currently employ over 24,000 people worldwide in 27 countries. They also have 94 major manufacturing and distribution/technical centers and office facilities around the world.
However on March 3rd, 2006 Dana Corporation filed for Chapter 11 bankruptcy due to a massive decline of sales in the automobile industry. As a result they closed about 40 facilities and canceled 150 million shares of stock. Dana does seem to be bouncing back. They just recently announced that they will be purchasing $200 Million of its outstanding stock from JP Morgan Chase Bank, National Association.