Dana Incorporated of Maumee, Ohio, signed agreements to combine with the Driveline division of GKN plc (U.K.) to create Dana plc, a global leader in driveline systems across all three major mobility markets: light vehicle, commercial vehicle and off-highway. Under terms of the agreements, Dana shareholders will own nearly 53% of the company with GKN shareholders owning the rest. The combined company will be headquartered in the U.K. and will continue to trade on the New York Stock Exchange under the ticker symbol DAN.

GKN Driveline has built market leadership positions in three light-vehicle product segments: constant-velocity jointed driveshafts, all-wheel-drive systems and electrified driveline solutions. The business has expertise across mechanical systems, electronic and software control and vehicle integration. With approximately 35,000 employees, GKN Driveline has operations in 23 countries and has 61 manufacturing locations, including one of the largest driveline businesses in China via its joint venture, Shanghai GKN Huayu Driveline Systems (SDS). 

"This transformative and strategic transaction solidifies Dana as a world leader in vehicle drive systems and establishes a leading position in electric propulsion, which we see as the future of vehicle drivetrains," said James Kamsickas, president and CEO of Dana. "We have a long history of partnering with GKN, and the companies possess similar cultures and exceptionally talented people. Our highly complementary businesses share a deep understanding of our customers' long-term requirements."