Eaton’s Mobility Group and Dana will combine to create a commercial vehicle supplier with more than US$11 billion in annual revenue, bringing together some of the industry’s best-known drivetrain, propulsion and electrification technologies.

The transaction, announced June 11, values the combined company at more than US$10 billion and Eaton’s Mobility Group at approximately US$5.1 billion. The deal is expected to close in the first quarter of 2027, subject to shareholder and regulatory approvals.

For truck and equipment manufacturers, the merger will unite Eaton’s transmission, clutch and power management technologies with Dana’s portfolio of axles, driveshafts, thermal management, sealing and electrification products.

The combined company will continue operating as Dana and remain listed on the New York Stock Exchange under the ticker symbol DAN.

“This will create a truly differentiated global platform,” said Dana chairman and CEO R. Bruce McDonald. “Together, we will be better positioned to serve our customers, invest in innovation, and drive long-term value creation.”

The companies said the merged business will be positioned to support internal combustion, hybrid and battery-electric vehicle platforms across both commercial vehicle and automotive markets.

Dana has long been a major supplier of drivetrain components to truck manufacturers, while Eaton’s Mobility Group is best known in the trucking industry for its heavy-duty automated and manual transmissions, clutches and power management technologies.

The deal comes as suppliers face increasing pressure to support multiple powertrain technologies simultaneously. While fleets continue to rely heavily on diesel-powered trucks, manufacturers are also investing in hybrid and battery-electric platforms, requiring suppliers to maintain broad technology portfolios.

As part of the transaction, Eaton will complete its previously announced separation of its Mobility Group. Eaton said the move will allow it to focus on its electrical and aerospace businesses, which are tied to growth opportunities including electrification, data centers, infrastructure modernization and defense.

Eaton CEO Paulo Ruiz said the transaction represents the next step in the company’s 2030 growth strategy.

Leadership of the combined company will include executives from both organizations. Dana’s incoming CEO, Byron Foster, will serve as chief executive officer, while Dana CFO Timothy Kraus will retain that role. McDonald will become executive chairman.