MAUMEE, Ohio, Feb. 6, 2019 /PRNewswire/ -- Dana Incorporated (NYSE: DAN) announced today a strategic, multi-year supply agreement that positions the company as a preferred global supplier of drive and motion products for Hyster-Yale Group, Inc., the wholly owned operating subsidiary of Hyster-Yale Materials Handling, Inc. (NYSE: HY).
Under the terms of the agreement, Dana will leverage its broad design and engineering capabilities, expansive line of field-proven drive and motion technologies, global manufacturing and aftermarket footprint, customer-centric perspective, and expertise as a trusted top-tier supplier to support Hyster-Yale's long-term strategic initiatives.
The agreement encompasses a wide range of lift-truck vehicles sold under the Hyster® and Yale® brand names, including Class 1 through Class 5 forklift trucks, reach stackers, and container handlers.
"We are thrilled with the opportunity that this long-term partnership brings to Hyster-Yale Group, Inc. and look forward to introducing Dana's products in our various development projects. There is a synergy between Hyster-Yale and Dana that we feel will result in a profitable relationship for both companies," said Steve Karas, vice president of global supply chain management, Hyster-Yale Group, Inc. "Dana has been a core supplier to Hyster-Yale for more than 30 years, which is why we have taken this step in securing Dana's expertise to help us achieve our goals."
Dana has earned numerous supplier awards as a trusted Tier-One supplier, including Hyster-Yale's "Certificate of Merit," "Preferred Supplier Recognition," and "Continuous Improvement Award," which recognizes suppliers who are actively engaged in quality improvement, have shown a significant or sustained improvement during the past year, and are committed to prevention of recurrence.
Dana is a leading supplier of Spicer® drive and Brevini® motion products for material-handling vehicles that are designed to work seamlessly and allow operators to engage, lift, and transport heavy loads with speed and precision.
"Dana is at the forefront in delivering technologies that improve the performance, fuel efficiency, safety, and durability of material-handling vehicles – including market-leading innovations that support electrification and hybridization," said Aziz Aghili, president of Dana Off-Highway Drive and Motion Technologies. "By extending and deepening our long-term collaboration with Hyster-Yale through this agreement, we are proving how we deliver a competitive advantage for our customers."
About Hyster-Yale Group, Inc.
Hyster-Yale Group, Inc., designs, engineers, manufactures, sells and services a comprehensive line of lift trucks and aftermarket parts marketed globally primarily under the Hyster® and Yale® brand names. Subsidiaries of Hyster-Yale Group include Nuvera Fuel Cells, LLC, an alternative-power technology company focused on fuel-cell stacks and engines, and Bolzoni S.p.A., a leading worldwide producer of attachments, forks and lift tables under the Bolzoni®, Auramo® and Meyer® brand names. Hyster-Yale Group also has significant joint ventures in Japan (Sumitomo NACCO) and in China (Hyster-Yale Maximal).
Hyster-Yale Group, Inc. is a wholly owned subsidiary of Hyster-Yale Materials Handling, Inc. (NYSE:HY). Hyster-Yale Materials Handling, Inc., headquartered in Cleveland, Ohio, employs approximately 7,700 people worldwide and offers a broad array of solutions to meet the specific materials handling needs of customers' applications. For more information about Hyster-Yale Materials Handling, Inc. and its subsidiaries, visit the Company's website at www.hyster-yale.com.
About Dana Incorporated
Dana is a world leader in highly engineered solutions for improving the efficiency, performance, and sustainability of powered vehicles and machinery. Dana supports the passenger vehicle, commercial truck, and off-highway markets, as well as industrial and stationary equipment applications. Founded in 1904, Dana employs approximately 30,000 people in 33 countries on six continents who are committed to delivering long-term value to customers. Based in Maumee, Ohio, USA, the company reported preliminary sales of $8.1 billion in 2018. For more information, please visit www.dana.com.
SOURCE Dana Incorporated