The Board of Directors at powertrain component supplier Dana Holding Corporation has authorised a US$400 million increase in its common share repurchase programme. This increase in the share repurchase programme brings the total to $1.4 billion since Dana’s share repurchase programme was initially announced in October 2012. As of 30 June 2014, Dana has returned $942 million to shareholders since the inception of the programme.
Dana Holding Corporation has launched new technology to support its Spicer central tyre inflation system (CTIS). The new technology is designed to optimize the performance of lower flow CTIS applications for smaller government defence and “vocational” vehicles with a new mechatronic control unit (MCU) option. According to the company, this technology identifies and reacts to tyre inflation issues more effectively by enabling individual wheel control. The MCU is an integrated unit that includes electronic, computer, and mechanical engineering with the intention of delivering improved reliability, a smaller footprint, reduced weight, and less wiring complexity.
This year automotive component supplier Dana Corporation celebrates 25 years of supplying its Central Tire Inflation Systems (CTIS) to military and commercial vehicle customers. Initially developed for use by the US armed forces in 1984, Dana reports that it now supplies its CITS to OEMs in the North America and global markets.
“Dana CTIS is selected by more military vehicle OEMs than all of the competitive systems combined,” said James Beverly, Dana’s chief engineer of advanced chassis control systems. “The product is used extensively by the US Army and Marine Corps, as well as NATO forces, and in a variety of commercial vehicle applications such as oil field exploration and construction.”
SmarTire announced on July 10 that Dana Corporation, its marketing partner for the commercial vehicle market in North America, Australia and New Zealand, will be offering the company’s SmartWave TPMS retrofit kits to the International Truck and Engine Corporation. A version of the SmartWave TPMS system specifically designed for aftermarket installation on commercial vehicles will be available through the nearly 1,000 International Truck dealer outlets in North America.
Dave Warkentin, president and CEO of SmarTire, said, “This is an important milestone for SmarTire as it makes our Smartwave TPMS systems readily available to fleet buyers through the largest commercial vehicle dealer organisation in the United States. International’s dealer network stretches throughout North America and, along with the support provided by Dana, we believe it will provide an excellent sales and service channel for our products.”
In May the commercial vehicle systems group of Dana Corporation announced that it had begun to make its SmartWave tyre pressure monitoring system available for retrofit installation on a number of commercial vehicle models. The product of an agreement between Dana Corporation and SmarTire Systems, the SmartWave system was first fitted to new vehicles in February 2006.
“SmartWave TPMS is simple to install and will reduce two top operating expenses for fleets – fuel and tyres. Easily accessible tyre pressure data will provide fleets the opportunity to maximise both fuel economy and tyre life by maintaining proper tyre pressure,” said Jon Intagliata, product manager for Dana. “The SmartWave TPMS system can also communicate to off-board communications systems utilising the J1939 data link, allowing fleets to capture important real-time pressure and temperature data to provide proactive maintenance and help eliminate costly roadside tyre failures.”
SmarTire reported record revenue in 2006 of $3.5 million, compared to $1.46 million in 2005. Net loss for the year totalled $29.4 million, compared with $16.1 million a year ago. Losses for the year increased significantly primarily due to non-cash interest charges of $23.2 million in 2006, compared to $3.6 million in 2005.
Dana Corporation has released third-quarter results that show a 33 per cent drop in net income. The corporation received $40 million compared with $61 million in the same part of 2003. The company achieved third-quarter sales of $2.1 billion, compared to $1.9 billion the year before.
Samir G. Gibara, former chairman of Goodyear Tire & Rubber Company has been elected to the Dana Corporation Board of Directors. In addition to his Dana Corporation appointment, Gibara serves on the board of directors of Sumitomo Rubber Industries and International Paper.
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