Shares of Dana Holding Corporation (NYSE:DAN) ended Friday session in red amid volatile trading. The shares closed down -0.67 points or -4.45% at $14.38 with 143.73 million shares getting traded. Post opening the session at $14.86 the shares hit an intraday low of $14.38 and an intraday high of $14.94 and the price vacillated in this range throughout the day. The company has a market cap of $2.08 billion and the numbers of outstanding shares have been calculated to be 143.73 million shares.
Dana Holding Corporation (DAN) on Sept. 8, 2016 announced that it plans to construct a state-of-the-art gear manufacturing facility in Europe. The establishment of this Spicer® gear factory in Győr, Hungary, will serve as a significant enabler to further satisfy the regional needs of Dana’s global customers.
The 140,000 square-foot (13,000 square-meter) facility will provide customers in the region with access to Dana’s advanced design, engineering, and manufacturing expertise to support their sourcing initiatives and technology strategies.
With construction slated to begin in the first quarter of 2017, the company plans to invest approximately $51 (€46) million in the new facility and expects to employ approximately 200 associates by 2020.
The facility will produce Spicer® AdvanTEK® hypoid or spiral bevel ring and pinion gear sets. Dana manufactures primary ring and pinion drive gearing for traditional banjo and beam axles, as well as all-wheel-drive systems. Full axle assembly on the site is possible in the future.
The company’s AdvanTEK gearing line offers best-in-class noise, vibration, and harshness (NVH) performance, as well as greater power density in a compact package.
The new plant will serve as the company’s fourth operation in Győr. The decision to develop another plant within the country was made possible by the support of the Hungarian Government which awarded Dana non-refundable cash grant based on the proposal of the Hungarian Investment Promotion Agency (HIPA).
“Dana is earning new business in the European marketplace, and to support this we are excited to add an additional gear-manufacturing facility to our footprint,” said Bob Pyle, president of Dana Light Vehicle Driveline Technologies. “This plant is strategically positioned in close proximity to our other Győr operations and will enable us to deliver technologies to our European customers more quickly and cost effectively.
“We are grateful for the support that HIPA and the local government have provided during our site selection. Dana has operated in Győr for more than 10 years, and we know we can find exceptional employees there,” Pyle added.
“We are pleased to have Dana further expand its business operations here. The new Dana gear plant will be a greenfield investment in the Győr Industrial Park, which is conveniently located near their other operations in Hungary,” said Mr. Róbert Ésik, President of HIPA. “Investments like this are truly critical to the future of our country.”
Shares of Callaway Golf Co (NYSE:ELY) ended Friday session in red amid volatile trading. The shares closed down -0.53 points or -4.15% at $11.22 with 94.03 million shares getting traded. Post opening the session at $11.06 the shares hit an intraday low of $11.19 and an intraday high of $11.60 and the price vacillated in this range throughout the day. The company has a market cap of $1.05 billion and the numbers of outstanding shares have been calculated to be 94.03 million shares.
Callaway Golf Co (ELY) on Aug. 29, 2016 announced it has entered into an agreement to acquire Toulon Design. Based in Vista, California, Toulon Design is a premium milled putter company specializing in performance-driven design and exceptional customization. Sean Toulon, the company’s co-founder, is an established innovator in the golf industry with more than 30 years of experience; he will join Callaway Golf as SVP, Callaway Golf and General Manager, Odyssey Brand. Terms of the agreement were not disclosed.
With the acquisition of Toulon Design, Callaway strengthens its position in the putter category, where its Odyssey brand has been the #1 Putter in Golf® since Callaway acquired the brand in 1997. Odyssey is also the #1 Putter across the major worldwide Tours, with more Tour wins and major championships than any other putter company this year.
“Sean is one of the most experienced and knowledgeable leaders in the golf equipment industry, and we are excited to have him come aboard to help us continue to lead the putter category with great designs and the highest performing innovations,” commented Chip Brewer, President and Chief Executive Officer at Callaway Golf Company. “With announcement we fortify our position as the number one equipment company in golf and add valuable experience to our leadership team.”
“We are so excited to be joining forces with Callaway and Odyssey,” said Mr. Toulon. “We have been inspired by the innovation of these two great brands over a long period of time. But what might be even more impressive is the engagement these great brands have with golfers,” he continued. “We have always believed that a deep connection to the game and to those that love it is the key to creating world class products and experiences that golfers love. We feel like we have found the perfect home and look forward to creating incredible products for passionate golfers for many years to come.”