The American worldwide supplier of powertrain components, Dana Holding Corporation, ranks No. 39 on the list of the top 100 global part suppliers. The company works to develop the most innovative technologies. Yesterday it reported a 10 percent decline in second-quarter net income to $53 million on lower sales in its commercial vehicle and off-highway driveline units.
The Maumee, Ohio-based powertrain supplier reported sales of $1.55 billion. This is a 4 percent decrease from the second quarter of 2015. The number of sales dropped as reduced demand in the commercial vehicle and off-highway driveline units offset gains in the light-vehicle driveline and power technologies divisions. Commercial-vehicle driveline sales plunged 19 percent year-over-year. The company is confident that this is due to weaker production in North America and weaker demand in Brazil this year. Light-vehicle driveline sales rose 4.3 percent from the year-earlier period to $669 million on strong production of light trucks. These vehicles are very popular in the US market and this is because the gas is cheaper and the economy is stronger.
The company also made an announcement that it aims to change its official name on August 1 from Dana Holding Corp. to Dana Inc. It explains this change by the fact that the new name can better reflect how the company conducts its business in the global marketplace. The company's logo and stock sticker will not be changed.
