Dana Company History Timeline

(221 Jobs)
1904

A young, talented engineer named Clarence Spicer developed the first swiveling universal joint in 1904 while he was still in college in Plainfield, New Jersey.

Dana Corporation was established in 1904 by engineering student Clarence Spicer.

Clarence Spicer started the Spicer Company in Plainfield, New Jersey, in 1904.

1905

In 1905, he incorporated and soon had a booming company on his hands with many early automotive brands on board.

In 1905, the company was incorporated as the Spicer Universal Joint Manufacturing Company.

1909

Spicer changed the name of the company in 1909 to the Spicer Manufacturing Company.

1910

However after a decade of rapid growth, his company faced difficult financial times during the economic downturn of the early 1910s.

1914

By 1914, the Spicer Company was struggling with financial difficulties.

In spite of these innovations and the growth of the automotive industry, the Spicer Company faced difficult financial times by 1914.

1916

Public Company Incorporated: October 12, 1916 as Spicer ManufacturingCompanyEmployees: 38,200Sales: $3.695 billionMarket Value: $1.829 billionStock Index: New York London

Attorney and financier Charles Dana invested in the company shortly after, assuming the role of president in 1916.

1922

In 1922, Spicer went public for the first time, with its stock listed on the New York Stock Exchange.

1928

He moved Spicer's headquarters to Toledo, Ohio, in 1928, and two years later the rest of the operations moved as well.

1944

By 1944, more than ten thousand people worked for Spicer.

1945

In 1945, 1,820 employees at the company's plant in Pottstown, Pennsylvania, walked off the job, dissatisfied with recent lay offs and subsequent rehirings of personnel with less seniority.

In 1945, 1,820 employees at the company’s plant in Pottstown, Pennsylvania, walked off the job, dissatisfied with recent lay offs and subsequent rehirings of personnel with less seniority.

1946

In 1946, the Spicer Manufacturing Company became the Dana Corporation, renamed after the man who had contributed so much to the company’s success during the preceding decades.

Dana would guide the firm for more than 50 years, and, in 1946, the Spicer Manufacturing Company was renamed Dana Corporation in his honor.

In 1946, the Spicer Manufacturing Company became Dana Corporation, renamed after the man who had contributed so much to the company's success during the preceding decades.

In 1946 the Spicer Manufacturing Company was renamed Dana Corporation in his honor.

1952

By 1952, Dana was considering closing the Pottstown plant because it was no longer competitive.

By 1952 Dana considered closing down the Pottstown plant because it was no longer competitive.

1960

In the late 1960’s, Rene C. McPherson was appointed president of the company.

1970

During this decade, McPherson moved Dana away from its reliance on the original-equipment market and toward the light trucks market, which ultimately represented 35% of its 1970’s sales.

1974

In 1974, Dana had its first billion dollar year and only four years later passed the two billion dollar mark.

Dana first sold one billion dollars of its products in 1974, and only four years later passed the two billion dollar mark.

At the time, the company's sales were at $900,000; under Dana's direction, sales increased to $18 million by 1979. For example, in 1974, Dana acquired Summit Engineering Corporation, a manufacturer of numerical controls for machinery.

Under Dana’s direction, sales increased to $18 million by 1979. For example, in 1974 Dana acquired Summit Engineering Corporation, a manufacturer of numerical controls for machinery.

At the time, the company’s sales were at $900,000; under Dana’s direction, sales increased to $18 million by 1979. For example, in 1974, Dana acquired Summit Engineering Corporation, a manufacturer of numerical controls for machinery.

1979

At the time, the company's sales were at $900,000; under Dana's direction, sales increased to $18 million by 1979.

Under Dana’s direction, sales increased to $18 million by 1979.

At the time, the company’s sales were at $900,000; under Dana’s direction, sales increased to $18 million by 1979.

1980

By 1980, Dana had developed three distinct areas of business: original equipment auto and truck parts, replacement parts, and industrial machine components.

The changes implemented by McPherson were carried on by Gerald B. Mitchell when McPherson retired in 1980.

The changes implemented by McPherson were carried on by Gerald B. Mitchell in 1980 after McPherson retired.

1983

In 1983, Dana's original equipment parts business had an unexpectedly profitable year, as earnings rose 119 percent to $112 million.

Suddenly in 1983 Dana’s original equipment parts business had an excellent year; earnings rose 119% to $112 million.

In 1983, Dana’s original equipment parts business had an unexpectedly profitable year, as earnings rose 119 percent to $ 112 million.

1984

In 1984, Dana began manufacturing gears identical to those designed for a line of Clark Equipment Company truck transmissions.

In 1984, Mitchell anticipated that the replacement parts business would make up 40 percent of the company's net earnings within five years, while the original equipment business would account for only about 30 percent.

Dana began manufacturing gears in 1984 that were identical to those designed for a line of Clark Equipment Company truck transmissions.

In 1984 Cherokee failed and Dana wrote off $6 million of its investment.

In 1984, Mitchell anticipated that the replacement parts business would make up 40 percent of the company’s net earnings within five years, while the original equipment business would account for only about 30 percent.

1985

Dana was subsequently sued for $1.7 million by St Regis Corporation in 1985 and other insurance companies involved with Cherokee were reviewing the matter.

During 1985 Dana spent $120 million on “Project 90,” a program for investment in new technology, better use of existing facilities, and a new system of incentive payments which could be tied to higher productivity.

1987

By 1987, Dana’s annual sales exceeded four billion dollars.

In 1987, Dana's annual sales exceeded four billion dollars.

1993

The German companies Reinz-Dichtungs GmbH and Hugo Reinz GmbH in 1993.

According to the objectives stated in Dana's 1993 annual report, the company planned to earn 50 percent of sales from distribution markets and 50 percent of total sales from outside the United States.

As Dana's sales to Ford and Chrysler totaled 29 percent of its consolidated sales in 1993, Dana's future seemed inextricably linked to the fortunes of the automotive industry.

Distribution sales amounted to 36.6 percent of sales and foreign sales contributed 17.8 percent as of 1993.

According to the objectives stated in Dana’s 1993 annual report, the company planned to earn 50 percent of sales from distribution markets and 50 percent of total sales from outside the United States.

As Dana’s sales to Ford and Chrysler totaled 29 percent of its consolidated sales in 1993, Dana’s future seemed inextricably linked to the fortunes of the automotive industry.

2000

Since 2000, Dana Corporation has won numerous quality awards for manufacturing, both in the United States and in other parts of the world where its operations are located.

2002

In one notable asbestos lawsuit, a former pipefitter sought recovery for his asbestos-related injuries in 2002.

2006

On March 3, 2006, Dana Corporation filed for Chapter 11 bankruptcy.

By 2006, Dana Corporation was facing financial problems, and the company filed for bankruptcy protection that year.

2007

While Dana did not establish a trust fund to compensate all individuals harmed by its asbestos products, the company reached an agreement in July 2007 with two workers unions to create a Voluntary Employee Beneficiary Association (VEBA) trust fund for former employees of the company.

Geisel, J. (2007, July 15). Retiree health VEBAs may be start of trend.

In October 2007, amid bankruptcy proceedings, Dana resolved about 7,500 of the 150,000 asbestos claims against it with a $2 million settlement.

Pakulski, G. (2007, December 9). Dana in home stretch of bankruptcy.

2008

Dana Corp. asbestos claimants appeal Chapter 11 plan confirmation. (2008, January 6). Retrieved from http://www.toledoblade.com/local/2008/01/06/Dana-Corp-asbestos-claimants-appeal-Chapter-11-plan-confirmation.html

In 2008, a group called the Ad Hoc Committee of Asbestos Claimants appealed Dana’s recently accepted reorganization plan.

2010

By June 2010, Dana had about 31,000 active asbestos claims and had settled about 11,000 inactive claims.

2012

In 2012, Dana privately settled a $21 million dispute with two of its insurance providers over asbestos litigation costs.

2015

By the end of 2015, it was facing approximately 25,000 active asbestos lawsuits.

2016

In 2016, Dana divested the subsidiary that held its asbestos liabilities.

30, 2016, Dana Companies LLC was sold to Enstar Holdings, an insurance group that also later acquired BorgWarner Inc.’s asbestos liabilities.

2018

Now known as Dana Incorporated, the company has been on the Fortune 500 list for 65 years, generating sales of more than $8 billion in 2018 alone.

2021

"Dana Corporation ." International Directory of Company Histories. . Encyclopedia.com. (April 16, 2021). https://www.encyclopedia.com/books/politics-and-business-magazines/dana-corporation

"Dana Corporation ." International Directory of Company Histories. . Retrieved April 16, 2021 from Encyclopedia.com: https://www.encyclopedia.com/books/politics-and-business-magazines/dana-corporation

"Dana Corporation ." International Directory of Company Histories. . Encyclopedia.com. (April 16, 2021). https://www.encyclopedia.com/books/politics-and-business-magazines/dana-corporation-0

"Dana Corporation ." International Directory of Company Histories. . Retrieved April 16, 2021 from Encyclopedia.com: https://www.encyclopedia.com/books/politics-and-business-magazines/dana-corporation-0

Founded
1904
Company Founded
Headquarters
Maumee, OH
Company Headquarter
Founders
Charles Dana,Clarence Spicer,Hugo Reinz,J. B. Long,Joseph Victor
Company Founders

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