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5. Dana Incorporated (Formerly Dana Holding Corporation) Business Report FY ended Dec. 2016

Dana Incorporated (Formerly Dana Holding Corporation) Business Report FY ended Dec. 2016

Factors
1) Net Sales
-The Company’s sales in the fiscal year ended December 31, 2016 decreased 3.9% from the previous year to USD 5,826 million. Despite increases in sales of light vehicles, negative currency translation effects and organic sales decreases in the Off-Highway and Commercial Vehicle segments lead to the decrease in net sales.

2) Light Vehicle segment sales
-Sales in the Company’s Light Vehicle segment in the fiscal year ended December 31, 2016 totaled USD 2,607 million, an increase of 5.0% over the previous year. Negative currency effects caused a loss of USD 141 million. This loss was offset by volume-related increases caused by increased production levels of light trucks, as well as new customer programs.

3) Commercial Vehicle segment sales
-In the fiscal year ended December 31, 2016, sales in the Company’s Commercial Vehicle segment decreased by 18.2% from the previous year to USD 1,254 million. The main factor contributing to the decrease in sales was the decrease in Class 8 vehicle production in North America, the transfer of a USD 45 million program to the Light Vehicle segment, and weaker demand in Brazil.

4) Power Technologies segment sales
-The Company’s Power Technologies segment had sales of USD 1,056 million in the fiscal year ended December 31, 2016, an increase of 5.1% over the previous year. Despite negative effects from currency translation, the increase in sales for light vehicle engines in North America and Europe offset those losses.

Acquisitions

-The Company announced that it will acquire the power transmission and fluid power businesses of Italy’s Brevini Group, S.p.A. The Company plans to initially purchase an 80% share in the businesses, with an option to purchase the remaining 20% by 2020. The Company has valued 100% of the Brevini businesses at EUR 325 million, including the assumption of approximately EUR 100 million of net debt. The Company expects the purchase to be accretive to its earnings in 2017. Founded in 1960, the privately held Brevini Group employs approximately 2,300 people. The businesses being acquired reported sales of EUR 388 million in 2015. (From a press release on November 18, 2016)

-The Company announced a definitive agreement to purchase strategic assets of SIFCO S.A., a producer of forged and machined components located in Brazil. Under the terms of the proposed purchase, the Company would acquire the manufacturing assets and other assets of SIFCO. The transaction is expected to be completed by the end of 2016. The transaction was worth USD 69 million and was closed on December 23, 2016. (From a press release on October 12, 2016)

Restructuring

-The Company announced that, effective August 1, 2016, it will change the company name from Dana Holding Corporation to Dana Incorporated. The Company will continue to operate four business segments focused on power conveyance and energy management solutions for three key end markets. (From a press release on July 21, 2016)

Recent Developments

-Expanding its extensive portfolio of power technologies and drive axles for electric and hybrid vehicles, the Company introduced the Spicer Electrified portfolio of fully integrated motor, control, and e-drive technologies for electric propulsion systems. Currently in production, the Spicer EV Drive for electric vans manages speed and torque from the e-motor to the wheels. Planned for a 2018 launch, the Company's new e-axles for electric transit buses and city delivery vehicles feature a fully integrated motor and gear box. (From a press release on November 9, 2016)

Contracts

-The Company announced that it will supply axles and driveshafts for the new Class 6 medium-duty 2018 Isuzu FTR as production begins in mid-2017. The new FTR from Isuzu Commercial Truck of America will be assembled with a Spicer single-reduction drive axle, Spicer E-Series steer axles, and a Spicer Life Series driveshaft. The FTR is designed for city delivery applications and will be powered by an Isuzu 4HK1-TC 5.2-liter turbocharged four-cylinder diesel engine mated to an Allison 2000 Series automatic transmission. The Company has previously supplied driveline components and thermal technologies for Isuzu trucks in Japan and Thailand. (From a press release on December 14, 2016)

-Daimler Trucks Asia (DTA) nominated Spicer India (SIPL), a joint venture between the Company and Anand Group, as one of its Partners for Asia for 2016 and 2017. SIPL is among 47 suppliers which are shortlisted from a total of 858 suppliers. This will not only enable SIPL to establish Indian light axle and driveshaft business with Daimler India, but also to bid for Mitsubishi Fuso programs in the Asian markets. Daimler Trucks Asia is an organizational unit of Daimler Trucks that jointly operates Mitsubishi Fuso Truck and Bus Corporation (MFTBC) and Daimler Commercial Vehicles India Pvt. Ltd. (DICV). (Based on Anand Group LinkedIn update)

Awards

-The Company announced that it was recognized by Hino Motors Manufacturing, Inc. for 100% on-time delivery. The Company currently supplies driveshafts, companion flanges, and yokes to Hino from facilities in North America and Asia. These components are used on a range of Hino medium-duty trucks, as well as Toyota Tundra pickup trucks. (From a press release on August 17, 2016)

-The Company announced that it has earned the Spartan Diamond Award for supplier excellence from Spartan Motors, Inc. The Company supplies Spartan Motors with Spicer axles, driveshafts, and steering shafts for commercial vehicles from facilities in Henderson, Kentucky, as well as Lima, Ohio, and Sterling, Illinois. (From a press release on June 8, 2016)

-The Company announced that its manufacturing operation in Columbia, Missouri, U.S. has received the Gold Award of the Ford World Excellence Award. This is the second consecutive year that the facility has received the highest recognition as a supplier to Ford. The operation supplies drive axles for the Ford Explorer and Lincoln MKS vehicles. (From a press release on June 7, 2016)

Outlook

-The Company expects its sales for the fiscal year ending December 31, 2017 to be between USD 6,200 million and USD 6,400 million due to its recent acquisitions as well as a stabilization in end user markets and currency effects.

R&D Facilities

-The Company has enhanced its engine testing capabilities by opening a new test bench center at its research and development facility in Neu-Ulm, Germany. The new 15,500-square-feet (1,440-square-meter) center on the existing campus features three engine test benches, as well as test benches for hot gas and acoustic measurement. Through these test benches, the Company can test its complete Victor Reinz sealing product portfolio, including gaskets, valve cover systems, air-oil separation technologies, heat shields, direct insulation parts, and more. (From a press release on October 3, 2016)

Product Development

Spicer Compact Series Plus driveshafts
-The Company announced enhancements to its Spicer Compact Series Plus driveshafts that reduce component weight and improve overall performance for trucks and buses ranging from 8 to 60 tonnes (9 to 66 tons). The Company is currently producing versions of this driveshaft for medium-duty vehicles. A series of six versions to support a full range of torque capacities will be available by the second quarter of 2017. These driveshafts weigh up to 10% less than competitive offerings. (From a press release on September 21, 2016)

Spicer single axle
-The Company has revealed new details about its Spicer global single axle for trucks, tractors, and coaches. Engineered for 6x2 and 4x2 axle configurations, this family of single-reduction, solo drive axles can be customized for vehicle applications with gross combination weight ratings of 32 to 45 tonnes (70,000 to 100,000 pounds). Now available for pre-production testing, the Spicer global single axle offers increased mechanical efficiency and weighs less than current offerings. Production units are scheduled to hit the market in 2018. (From a press release on September 21, 2016)

Driveshaft to support engine downspeeding
-The Company announced a new driveshaft specifically engineered to further support engine downspeeding. The next-generation driveshaft weighs 30 pounds less than existing products and is tailored to address the specific torque-management strategies of individual commercial vehicle manufacturers. Available now for pre-production evaluation by OEMs, the new driveshaft is designed for severe-duty, long-haul applications on Class 8 trucks. (From a press release on February 29, 2016)

Axle ratios compatible with SmartAdvantage powertrain from Eaton and Cummins
-The Company announced that it offers axle ratios compatible with all seven configurations of the newly enhanced SmartAdvantage powertrain, a joint collaboration between Eaton and Cummins. These configurations include the original small-step overdrive transmission and a new direct-drive option that delivers exceptional fuel economy in less-than-truckload and regional linehaul commercial vehicles with target cruise speeds of 62 mph and below. With the introduction of engine downspeeding, efficiency has improved by 7.5% with the current SmartAdvantage package – which includes the 400 hp to 475 hp Cummins ISX15 engine and the Eaton Fuller 10-speed automated manual transmission – when compared with the original version of the powertrain. (From a press release on February 29, 2016)

-The Company expects to have capital expenditures between USD 350 million and USD 370 million in the fiscal year ending December 31, 2017.

Investments in U.S.

-Missouri Governor Jay Nixon announced on August 30 that Dana Light Axle Products, a Company subsidiary, plans to invest USD 39 million to expand its Columbia, Missouri manufacturing plant. The plant currently produces parts for major OEMs including Ford, GM and Nissan. The first phase of this project is expected to begin later in 2016. The Company opened the Columbia facility in 1988. The expansion is expected to create 135 new jobs over the next few years, while retaining its current workforce of 90 team members. To assist with the expansion, Missouri offered a strategic economic incentive package that the Company will receive if it meets strict job creation criteria. (Missouri Department of Economic Development release from August 30 2016)

-The Company announced that it will open a new axle manufacturing facility in Toledo, Ohio, U.S. The site of the new facility was previously home to Willys-Overland Motors, which developed the original Jeep, and is located less than three miles from FCA US LLC's Toledo Assembly Complex. The Company plans to expand a recently constructed 100,000-square-foot facility on the property to nearly 300,000 square feet. The Company plans to invest approximately USD 70 million and employ more than 300 associates by 2020. In addition to its longstanding partnership with the Jeep brand, the expanded Toledo facility will support axle assembly for another global automaker. Beginning in late 2017, the Company plans to assemble enhanced versions of its Dana 30 and Dana 44 axles. (From a press release on May 9, 2016)

Investments outside U.S.

-The Company announced that it plans to construct a new gear manufacturing facility in Gyor, Hungary. With construction slated to begin in the first quarter of 2017, the Company plans to invest approximately USD 51 million in the new facility and expects to employ approximately 200 associates by 2020. The 140,000-square-foot (13,000-square-meter) facility will produce Spicer AdvanTEK hypoid or spiral bevel ring and pinion gear sets. The Company manufactures primary ring and pinion drive gearing for traditional banjo and beam axles, as well as all-wheel-drive systems. Full axle assembly on the site will be possible in the future. The new plant will serve as the Company's fourth operation in Gyor. (From a press release on September 8, 2016)