MAUMEE, Ohio, Oct. 25, 2021 /PRNewswire/ -- Dana
Incorporated (NYSE: DAN) announced today a mutual agreement with
Modine Manufacturing Company (NYSE: MOD) to terminate Dana's
agreement to acquire a portion of Modine's automotive
thermal-management business for one
dollar with the assumption of certain financial
liabilities. Both companies had been actively engaged in the
regulatory review process in Germany for many months and have decided that
it is no longer in the best interest of either party to pursue the
transaction further.
About Dana Incorporated
Dana is a leader in the design and manufacture of highly efficient
propulsion and energy-management solutions that power vehicles and
machines in all mobility markets across the globe. The company is
shaping sustainable progress through its conventional and
clean-energy solutions that support nearly every vehicle
manufacturer with drive and motion systems; electrodynamic
technologies, including software and controls; and thermal,
sealing, and digital solutions.
Based in Maumee, Ohio, USA, the
company reported sales of $7.1
billion in 2020 with 38,000 associates in 33 countries
across six continents. Founded in 1904, Dana was named one of
"America's Most Responsible Companies 2021" by Newsweek for its
emphasis on sustainability and social responsibility. The company
is driven by a high-performance culture that focuses on valuing
others, inspiring innovation, growing responsibly, and winning
together, earning it global recognition as a top employer,
including "World's Best Employer" from Forbes magazine. Learn more
at dana.com.
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SOURCE Dana Incorporated