Dana to Provide Driveshaft, Gearboxes for New York Wheel – June 20, 2017

Dana Incorporated (DAN Free Report) announced that it is supplying driveshaft assemblies and gearboxes for the New York Wheel, the 630-foot observation wheel, which is presently under construction in St. George, Staten Island. Dana’s competitive advantage in supplying specific driveshaft solutions, power-transmission products and tailor-made solutions suited to the needs of the customers, have worked in its favor.

The construction of the New York Wheel is slated to be completed in early 2018. The giant wheel includes 36 pods, each of which can carry 40 people. The wheel will take visitors on a relaxing ride with stunning sight of the Statue of Liberty and Manhattan skyline. VDL Steelweld has been roped in to manufacture the pods, whereas Dana is providing driveshafts to hold up the leveling system for maintaining balance as the wheel rotates.

Maumee, OH-based Dana is the provider of technology driveline, sealing and thermal-management products for vehicle manufacturers. In addition to driveshaft assemblies, Dana is also supplying motion system products to the Netherlands-based engineering company Starneth for the New York Wheel project.  In fact, 32 planetary gearboxes will be used for smoothly rotating the wheel.  

Dana has outperformed the Zacks categorized Automotive – Original Equipment industry in the last three months. The company’s share price has increased 14.8%, while the industry has edged up 1.8%.

Currently, Dana sports a Zacks Rank #1 (Strong Buy).

Better-ranked stocks in the auto space include Allison Transmission Holdings Inc. (ALSN Free Report) , Fiat Chrysler Automobiles N.V. (FCAU Free Report) and Ferrari N.V. (RACE Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see  the complete list of today’s Zacks #1 Rank stocks here.

Expected long-term growth rate for Allison Transmission, Fiat Chrysler and Ferrari are 11%, 22.4% and 14.1%, respectively.

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