Dana Incorporated
Restructuring
and crisis stabilization
Dana incorporated
Dana Incorporated is a leading American supplier of drivetrain, axles, driveshafts, and electrified propulsion systems for light vehicles, commercial trucks, and off-highway equipment. The company delivers advanced solutions across conventional, hybrid, and electric powertrains, including thermal management and sealing technologies. Dana serves major global OEMs and is recognized for its innovation in efficiency, performance, and sustainable mobility.
In Europe, Dana operates manufacturing, engineering, and sales facilities across multiple countries, including Belgium, France, Italy, Hungary, Germany, and Sweden. These sites support power-conveyance, energy-management, and e-mobility technologies for both on-highway and off-highway applications (construction, agriculture, and mining). Europe accounts for approximately 20% of Dana’s global activity, generating €1.489 billion in sales.
Challenge
These specific issues indicate your company needs an immediate intervention:
In 2012, Dana completed a restructuring of its operations in France and Spain, which represented 25% of its European activities. The downsizing triggered multiple litigations and undisclosed audits, including:
- Former employee claims
- Environmental disputes
- Tax litigation with potential retroactive penalties
- Financial and tax audit issues affecting U.S. consolidated reporting
- Disruption of key local reporting processes
- Challenges from migrating local accounting systems to SAP
The departure of the Finance Director and Accounting Manager, combined with difficulties in securing a suitable interim replacement, created internal tensions at the Poissy office in France. Communication between the regional team and the EMEA headquarters in Zurich had also broken down.
Solution
The European Finance Director framed an interim mission for a 10-month period. The primary objective was to resolve all auditor blocking points and ensure timely U.S. reporting compliance.
A detailed Roadmap and Action Plan was developed, prioritizing short- and medium-term initiatives and delivering quick wins that reassured U.S. headquarters.
Working closely with the Legal Director and external counsel from Jones Day, a comprehensive diagnostic of all legal issues was prepared, covering ongoing litigations and entity closures. Proactive engagement with local authorities, supported by clear justification of the operational closures, proved essential in mitigating substantial penalties.
To rebuild robust reporting processes, EY consulting support was engaged for workflow optimization.
The critical interface gap between local accounts and U.S. reporting requirements was bridged through in-depth analysis of existing documentation.
Additionally, exceptional income arising from asset sales was fully justified following a thorough review of the former chief accountant’s records.
Results
Deploy immediate
senior financial control
You cannot afford months of theoretical strategy.
Stabilize your operations and restore margin visibility right now.
Operational track record
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Jacques insights
Battle-tested strategies for stabilizing operations, restoring margins, and resolving cross-border friction.
