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News Breaks
January 22, 2014
07:19 EDTDANDana Holding mid-term targets encouraging, says RBC Capital
RBC Capital expects investors to become more interested in Dana Holdings, due to what the firm sees as its attractive valuation and considerable leverage to end markets that could be considered below mid-cycle. The firm raised its price target on the stock to $25 from $22 and keeps an Outperform rating on the shares.
News For DAN From The Last 14 Days
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January 26, 2015
08:05 EDTDANDana Holding announces divestiture of Venezuela operations
Dana Holding announced that it has completed the sale of its Venezuelan operations, C.A. Danaven, to Manufacturing and Logistics Solutions Limited, an independent and locally operated company. C.A. Danaven provides drivetrain products principally to global automotive vehicle manufacturers in Venezuela and has manufacturing and assembly facilities in Valencia and Guacara. C.A. Danaven had sales of approximately $110M in 2014. Manufacturing and Logistics Solutions Limited will operate the business in Venezuela and license the use of the Danaven name. Under various supply and other agreements, Dana will provide components and technical support to the company as a Tier 2 supplier transacting business outside of Venezuela. Terms of the agreement were not disclosed; however, Dana expects that its net income attributable to the parent company in the fourth quarter of 2014 will include a net charge approximating $77 million relating to this divestiture. Dana's 2014 Adjusted EBITDA results will not be impacted by this charge. Dana's other operations in South America are not affected by this transaction.
January 23, 2015
08:05 EDTDANDana Holding unveils results of ongoing field tests of VariGlide technology
Dana Holding unveiled the results of ongoing field tests of the company's VariGlide technology, a new transmission design that incorporates continuously variable planetary technology. Dana engineers have confirmed performance and positioning improvements following hundreds of hours of functional evaluation and dynamometer testing on a standard-sized 2.2-tonne forklift truck equipped with VariGlide technology operating in a typical pick-and-place duty cycle. High-fidelity drive-cycle simulations have indicated fuel economy improvements exceeding 20 percent in certain duty cycles. The improvement in fuel economy and performance resulting from the use of this patented, planetary traction drive would enable a payback period in fewer than 18 months.
January 20, 2015
18:30 EDTDANOn The Fly: After Hours Movers
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17:18 EDTDANDana Holding to replace Cubist in S&P 400 as of 1/22 close
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