UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM
CURRENT REPORT
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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| Item 8.01 | Other Events. |
On December 12, 2019, Dana Incorporated issued a news release announcing that the term of Dana’s share repurchase program has been extended until December 31, 2021. A copy of the news release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.
| Item 9.01 | Financial Statements and Exhibits |
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Description | |||
| 99.1 |
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| 104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| DANA INCORPORATED | ||||||
| Date: December 12, 2019 |
By: |
/s/ Douglas H. Liedberg | ||||
| Name: |
Douglas H. Liedberg | |||||
| Title: |
Senior Vice President, General Counsel and Secretary | |||||
Exhibit 99.1
Dana Incorporated Extends Share Repurchase Program
MAUMEE, Ohio, Dec. 12, 2019 – Dana Incorporated (NYSE: DAN) announced today that its board of directors authorized the extension of its share repurchase program through December 31, 2021. The company had $150 million available under the program as of September 30, 2019.
The company expects shares to be repurchased in the open market or through privately negotiated transactions. It expects to have enough free cash flow and liquidity during this period to support this initiative. Pursuant to this program, the purchase of shares is subject to prevailing market conditions, available growth opportunities, and other considerations.
About Dana Incorporated
Dana is a world leader in providing power-conveyance and energy-management solutions that are engineered to improve the efficiency, performance, and sustainability of light vehicles, commercial vehicles, and off-highway equipment. Enabling the propulsion of conventional, hybrid, and electric-powered vehicles, Dana equips its customers with critical drive and motion systems; electrodynamic and power technologies; and thermal, sealing, and digital solutions.
Founded in 1904, Dana employs more than 36,000 people who are committed to delivering long-term value to their customers, which include nearly every vehicle manufacturer in the world. Based in Maumee, Ohio, USA, and with locations in 33 countries across six continents, the company reported sales of $8.1 billion in 2018. Having established a high-performance culture that focuses on its people, the company has earned recognition around the world as a top employer. Learn more at dana.com.
| Investor Contact | Media Contact | |
| Craig Barber | Jeff Cole | |
| 419.887.5166 | 419.887.3535 | |
| craig.barber@dana.com | jeff.cole@dana.com | |