CEDAR PARK, Texas, Dec. 16, 2013 /PRNewswire/ -- Dana Holding Corporation (NYSE: DAN) announced today that the company has finalized plans to open its 16th global technology center in Cedar Park, Texas.
Scheduled to begin operations in the spring of 2014, the center is designed to accommodate more than 80 engineers and support staff as part of an effort to fully leverage Dana's investment in its strategic relationship with Fallbrook Technologies, which is headquartered nearby.
Dana will receive financial incentives totaling just over $1.25 million for the new technology center from the Economic Development Department for the City of Cedar Park, Texas. These incentives will be earned as Dana meets property occupancy, investment, and employment milestones. Dana is currently working with a local developer to prepare more than 40,000 square-feet of space in the Scottsdale Crossing Commerce Park.
"Our commitment to engineering investment is positioning Dana as the technology leader in efficient power conveyance and energy management solutions," said George Constand, Dana's chief technical and quality officer. "Dana was launched nearly 110 years ago with a game-changing innovation that helped to commercialize motorized transportation, and our new technology center in Cedar Park will propel the development of the next generation of fuel-efficient transmission technology."In September of 2012, Dana secured an exclusive license from Fallbrook to engineer and produce continuously variable planetary (CVP) technology for use in light-vehicle and certain off-highway transmissions in the end markets that Dana serves. CVP technology enables designers to reduce the complexity of transmissions, while enabling the engine to operate at more efficient speeds, ultimately increasing fuel efficiency, reducing emissions, and improving overall vehicle performance. Dana plans to market the technology under the VariGlide™ brand name.