Shares of Dana rise on CEO appointment, cost-cutting plans
25/11/2024 22:08
** Shares of auto parts supplier Dana Inc DAN.N up 3.8% at
$9.2 aftermarket
** Dana appoints Bruce Mcdonald as chairman and CEO
following the retirement of CEO James Kamsickas
** DAN announces plan to sell its Off-Highway business that
provides drive and motion systems for heavy-duty vehicles
** Initiates $200 mln cost reduction plan, expects
annualized savings of $200 mln by 2026
** "This includes substantial reductions in selling, general
& administrative costs across all the Company's businesses and
engineering expenses to match current industry dynamics,
including the ongoing delay in the adoption of electric
vehicles" — Dana
** Reaffirms its previously announced FY 2024 outlook range
for sales of $10.2 bln to $10.4 bln
** Up to Monday's close, stock had fallen ~39% this year
(Reporting by Kannaki Deka)
((Kannaki.Deka@thomsonreuters.com))