In order to meet the rising demand for Spicer axles,
Dana Holding Corporation
) announced that it will build a gear manufacturing operation in
Rayong, Thailand. This new facility will support the company in
achieving its goal of producing innovative products for growing
markets like Thailand.
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The facility will be operational from 2014 and has an annual
production capacity of 600,000 gear sets. Improved gear
manufacturing capabilities in the facility will also increase the
company's efficiency and help achieve the targeted growth rate.
The new facility will create 125 jobs. Currently, Dana has 650
employees at its three facilities located in Thailand.
Over the last 20 years, Dana has supported major automakers in
Thailand with its products including axles and driveshafts. Major
customers of Dana include
Ford Motor Co.
Nissan Motor Co. Ltd.
), Suzuki, and
Tata Motors Limited
Dana reported second-quarter 2013 earnings of 54 cents per share,
beating the Zacks Consensus Estimate of 52 cents. However,
earnings per share declined 3.6% from 56 cents per share in the
comparable quarter of 2012.
Revenues inched down to $1.8 billion compared with $1.9 billion
in the second quarter of 2012. It missed the Zacks
Consensus Estimate of $1.84 billion. The decline in revenues was
driven by scheduled Light Vehicle program roll-offs and an
Off-Highway divestiture along with adverse impact of currency
Maumee, Ohio-based Dana is one of the world's leading suppliers
of driveline, sealing and thermal technologies, which improves
the efficiency and performance of passenger, commercial and
highway vehicles. Dana currently carries a Zacks Rank #3