Dana Holding Corporation (NYSE:DAN) announced today that it has initiated an underwritten, registered public offering of 27 million shares of its common stock.
Dana emerged from bankruptcy last February, and, as with most auto suppliers, has struggled since then as the Global Great Recession marches on. Dana is in the process of cutting 5,800 jobs by year-end.
Dana posted a net loss of $11 million on revenue of $8 billion in 2008, compared with a net loss of $511 million on revenue of $8.72 billion in 2007.
However, the 2008 results include a one-time “fresh start” accounting gain of $1 billion. Dana closed four plants last year, and as many as 10 more closings are planned through 2010. The company is also combining its light-axle and driveshaft operations into a single, global unit.
Dana achieved break-even net income in the second quarter of 2009, compared to a loss of $122 million during the same period last year. Second-quarter sales were $1.2 billion, compared with sales of $2 billion during the same period last year. The decrease was caused by lower vehicle production across all market segments, notably within the off-highway sector.