The Dana Corporation manufactured asbestos-containing motor vehicle parts that were subsequently sold to motor vehicle manufacturers. The company was, fortunately, able to fully resolve the asbestos lawsuits it faced due to divestiture. Below we will examine the role of asbestos in the history of the Dana Corporation.The Company’s History
Established in 1904 by an engineering student, Daan Corporation went on to have national success. Following his creation of a groundbreaking motor vehicle part, the engineer left his studies to found an automotive parts business. The engineer provided various automotive parts to many different types of companies over the years including Buick, Mack, Olds, and the American Motor Car Company.
In 1914, the Spicer Company faced financial difficulties. The company subsequently relocated to Ohio in 1928 and in 1946 became the Dana Corporation. Two years later, a series of acquisitions led to the company’s notable success following World War II. The Dana Corporation then expanded its product line and purchased two motor vehicle parts suppliers in the 1960s.
In 2006, the company began to face financial problems and subsequently filed for bankruptcy protection. The company claimed that its asbestos liabilities were not responsible for bankruptcy. The company later defended more than 88,000 asbestos claims.Asbestos-Containing Products Manufactured by the Company
Asbestos was widely used for many years in the manufacture and maintenance of motor vehicle parts. The material was deemed suitable for use due to its heat-resistant and durable nature. The Dana Corporation was known for the use of asbestos in various parts of the manufacturing process. Some of the products manufactured by Dana Corporation that are known to have contained asbestos include:
- Brake pads
The Dana Corporation filed for Chapter 11 bankruptcy and reorganization after countless lawsuits. Reports show that the company ended up facing approximately 150,000 asbestos-connected lawsuits in 2007. In many situations, bankrupt asbestos carriers establish asbestos trust funds as part of proceedings. Asbestos trust funds play an important role because they help to make sure that both current and future claimants can be adequately compensated. The Dan Corporation wanted to resolve claims after emerging from bankruptcy and avoiding a trust fund. The Dana Corporation emerged from bankruptcy in 2008.
The Dana Corporation currently operates under the name of Dana Incorporated. In 2020, the company reports sales surpassing $7 billion. The company continues paying claimants through trust funds created for workers. In 2016, the Enstar Holdings company acquired Dana Corporation and still resolves asbestos claims.The Company’s Voluntary Employee Beneficiary Association
Along with two workers’ unions, the Dana Corporation agreed in 2007 to establish a Voluntary Employee Beneficiary Association trust fund for former workers. The trust encompasses coverage of asbestos-related medical costs for individuals. To fund the trust, the company placed aside $80 million in company stock. Former Dana workers can file asbestos claims to obtain compensation.Obtain the Assistance of an Asbestos Exposure Attorney
Following a mesothelioma diagnosis, it can be confusing to decide how to proceed. One of the best things that you can do in such a situation is to promptly contact an experienced lawyer. Do not hesitate to contact the Throneberry Law Group today by calling (888) 506-1131 to schedule a free case evaluation.