There’s been a big shakeup in the automotive driveline market with Dana Incorporated confirming it is merging with rivals, GKN Driveline.
The merger between the renowned U.S. and U.K. based driveline businesses will be called Dana plc.
Related: Dana handed 10,000th patent
The merger is expected to allow the new business to boost their electric vehicle and hybrid driveline technologies for both light and heavy vehicles.
The new combined entity says it will also be able to provide better customer support to global customers, and the merger will deliver $235 million USD of annual cost synergies within three years.
“This transformative and strategic transaction solidifies Dana as a world leader in vehicle drive systems and establishes a leading position in electric propulsion, which we see as the future of vehicle drivetrains,” said James Kamsickas, president and CEO of Dana.
“We have a long history of partnering with GKN, and the companies possess similar cultures and exceptionally talented people.
“Our highly complementary businesses share a deep understanding of our customers’ long-term requirements.
“We look forward to welcoming GKN Driveline into the Dana family.”
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