DANA Inc

Dana Incorporated has secured a new $500.0 million senior secured delayed draw term loan A facility through an amendment to its Credit and Guaranty Agreement. The company intends to use the proceeds from this facility to redeem all outstanding 8.500% Senior Notes due 2031. The new facility matures 364 days after borrowing and requires quarterly amortization payments of 10% of the principal, starting December 31, 2026.

Dana Inc. announced the appointment of Byron S. Foster as President and Chief Executive Officer, effective July 1, 2026, succeeding R. Bruce McDonald. Mr. McDonald will transition to Executive Chairman of the Dana Board, also effective July 1, 2026, with his term ending December 31, 2028. The company detailed compensation arrangements for both executives, including base salaries, annual incentive opportunities, and a one-time restricted stock unit award for Mr. McDonald.

Dana Incorporated announced it has entered into definitive agreements with Eaton Corporation plc for a Reverse Morris Trust transaction to combine their businesses. The combined entity will be named Dana Incorporated, with Eaton shareholders holding at least 50.1% and Dana shareholders approximately 49.9% of the new company. The transaction, unanimously approved by both boards, is structured to be tax-free for shareholders. Several ancillary agreements are also being entered into to govern various aspects of the combined operations, including tax, employee matters, and intellectual property.

Dana Incorporated announced a definitive agreement to combine with Eaton's Mobility business in a Reverse Morris Trust transaction, creating a premier global powertrain leader with approximately $11 billion in sales and $1.7 billion in adjusted EBITDA on a pro forma basis. The deal values Eaton Mobility at $5.1 billion and is expected to generate $250 million in run-rate synergies within 24 months. Eaton shareholders will own at least 50.1% of the combined entity, which will accelerate Dana's 2030 strategy with increased sales and margin targets. The transaction is anticipated to close in the first quarter of 2027.

Dana Incorporated reported a significant increase in Q1 2026 net income to $1.09 billion, or $9.89 diluted EPS, primarily driven by net income from discontinued operations, including the divestment of its Off-Highway business. Net sales for the quarter rose 4.9% to $1.87 billion, and Adjusted EBITDA increased 83.9% to $171 million, reflecting strong operational performance. The company also significantly reduced short-term and long-term debt and repurchased common stock, though adjusted free cash flow deteriorated.

Dana Inc. reported a significant increase in Q1 2026 net income to $1.09 billion, primarily driven by a $1.19 billion pre-tax gain from the sale of its Off-Highway business. Net sales for the quarter rose to $1.87 billion. The company also expanded its share repurchase program to $2.00 billion through 2030 and repurchased $125 million in shares during the quarter. Additionally, Dana completed the redemption of Hydro-Québec's noncontrolling interest for $190 million.

Dana Incorporated reported strong first-quarter 2026 financial results, with sales increasing to $1.87 billion and adjusted EBITDA reaching $171 million, significantly higher than the prior year. The company maintained its full-year guidance and announced a new business award with Stellantis for the RAM Dakota program, adding approximately $950 million to its three-year net new sales backlog. Dana also completed the sale of its Off-Highway business and repurchased $125 million in shares.