Dana Inc., a provider of power conveyance and energy-management solutions for the automotive industry, was named one of America’s Most Responsible Companies 2021 by Newsweek Magazine.
The company was ranked No. 111 out of 400 companies and fifth in the automotive and components category. The listing recognizes companies’ corporate responsibility efforts, including environmental, social and corporate governance.
“Dana recognizes that our commitment to sustainability and social responsibility is about building a better future and requires an approach that considers the people we encounter, the products we develop and the planet that enables us to do our work,” said James Kamsickas, Dana chairman and CEO. “This recognition from Newsweek is a result of the dedication of our people to delivering innovative, clean-energy solutions that are helping our customers meet their sustainability objectives, while also improving the efficiency of our operations.”
Founded in 1904, Dana Inc., based in Ohio, has 36,000 associates in 34 countries across six continents working in approximately 150 manufacturing and technical centers. The company has facilities across several Southern states, including South Carolina, Tennessee, Louisiana and Kentucky. The company equips customers with critical drive and motion systems, electrodynamic technologies, and thermal, sealing and digital solutions.
Led by Kamsickas, who has more than 30 years in the mobility business and was recently presented the Motor & Equipment Manufacturers Association’s Triangle Award for outstanding leadership, Dana recently signed an agreement to purchase a portion of the thermal-management business of Modine Manufacturing Co.’s automotive segment. The transaction will strengthen Dana’s Power Technologies business unit by extending the company’s offerings in chillers and water-charged air coolers, adding exhaust-gas recirculation and expanding its manufacturing process capabilities. It is expected that these additions will increase the company’s Power Technologies business by 30%, while accelerating the company’s electrification strategy with electric-vehicle thermal technologies.
“In addition to strengthening relationships with core customers in Europe and Asia, it presents opportunities to leverage our scale to expand business with new mobility manufacturers and optimize the business to deliver significant value to our shareholders,” Kamsickas said of the purchase.
According to a company release, the agreed purchase price was $1 with the assumption of certain financial liabilities. The deal is subject to regulatory approval and is expected to be completed in the first half of 2021.