Two Captive Heat Treating “Giants” Combine

Background; According to this press release “Dana Inc.” has just announced an agreement to combine with “Eatons” Mobility business, a combination of two powertrain portfolio’s. The story is of interest to the global heat treatment industry as each of these firms maintains very substantial in-house heat-treating capabilities as is reflected in these exclusive heat treatment stories about “Dana” from “The Monty Heat Treat News”.

“Largest Captive Heat Treaters North America-Dana Fairfield”

“Dana” Apodaca, Mexico Opens Their Doors to “The Monty”

“The Monty Heat Treat News” to Visit “Top 15″ Captive Heat Treater”

“Dana Corporation, Queretaro, Mexico-Top 11 Heat Treater”

“Dana Incorporated Announces Agreement to Combine with Eaton’s Mobility Business, Strengthens Dana’s Position as a Leading Global Powertrain Systems Provider

MAUMEE, Ohio, June 11, 2026 /PRNewswire/ — Dana Incorporated (NYSE: DAN) today announced it has entered into a definitive agreement with Eaton Corporation plc (NYSE: ETN) to combine with Eaton’s Mobility business in a transaction valued at approximately $5.1 billion, representing approximately 8.3x estimated 2026 pro forma adjusted EBITDA before synergies, or approximately 5.9x including run-rate synergies. The transaction combines two highly complementary powertrain portfolios to create a comprehensive, differentiated leader in commercial and light vehicle markets.

The transaction is structured as a Reverse Morris Trust with Eaton shareholders owning at least 50.1% and Dana shareholders owning approximately 49.9% of the combined company at close. Under the terms of the agreement, Eaton will receive a cash distribution of approximately $1.1 billion (subject to adjustments for cash and indebtedness).

Dana’s Chairman, R. Bruce McDonald, will serve as Executive Chairman of the combined company with responsibility for integration and synergy realization, and Byron Foster will serve as Chief Executive Officer, with both assuming their roles on July 1, 2026. Timothy Kraus will continue as Chief Financial Officer, and Eaton’s Erin Rowse, Senior Vice President Human Resources, Industrial, will serve as Chief Human Resources Officer at closing. The broader leadership team will include executives from both organizations. The combined company’s Board of Directors will be comprised of all the members of Dana’s Board of Directors and three Eaton designees.

The combination will integrate Dana’s global powertrain, thermal, and sealing technologies with Eaton Mobility’s commercial vehicle transmissions, engine and emissions products, and advanced electrification capabilities, creating a more comprehensive supplier serving commercial and light vehicle markets, as well as the associated aftermarket channels.

“This transaction marks an important milestone in our transformation and positions Dana as a leading, scaled provider of powertrain solutions,” said Byron Foster, Dana’s incoming Chief Executive Officer. “By expanding our presence in core markets with new products and complementary technologies, we are enhancing our ability to deliver greater value to customers while strengthening margins through a more balanced portfolio and meaningful synergies. Importantly, we are bringing together highly skilled and dedicated teams whose expertise will drive our future success. This combination further accelerates the execution and expands the scope of our Dana 2030 strategy by increasing scale, deepening our aftermarket capabilities, and advancing both our traditional and electrification technologies.”