Dana Corp.

Dana Corporation (Pink Sheets: DCNAQ) is an auto parts and systems company recently reorganized under Chapter 11 bankruptcy law. Suffering from a slump by General Motors, Ford and other carmakers, Dana declared bankruptcy on March 3, 2006. The company, which has 46,000 workers, is listed on the Fortune 500. Originally incorporated in New Jersey in 1905 as the 'Spicer Universal Joint Manufacturing Company', named after Clarence W. Spicer, engineer, inventor, and founder of the company; it was renamed the 'Spicer Manufacturing Company' in 1909. It relocated to Toledo, Ohio in 1928 and was renamed the Dana Corporation after Charles Dana, who joined the company in 1914 and became president and treasurer in 1916. Key products include axles, drivetrain products, pickup frames, engine bearings, gaskets, and brake lines.

The stock has traded on the New York Stock Exchange since 1922; stock prices were as high as $60 per share in 1998 but fell to about $1 by the time bankruptcy was declared. Dana Corp. was dropped from the S&P 500 index on March 2, 2006. On March 28, 2007, Dana Corporation announced that it has entered into a stock and asset purchase agreement for the sale of Dana's non-core fluid products hose and tubing business to Orhan Holding, A.S., a Turkish industrial firm and joint-venture partner of Dana. Despite Dana's recent woes, the company's CEO managed to grant himself a 9.2 million dollar bonus for himself and associates. Dana continues to close plants in North America, moving business to other countries such as Mexico. With emergence from bankruptcy on February 1, 2008, Dana's previous stock was canceled without compensation to stockholders and new stock issued to creditors was trading at $12.40 per share on the New York Stock Exchange.[1]

External links

• Dana Corporation website