MAUMEE, Ohio, Oct. 9, 2012 /PRNewswire/ -- Dana Holding Corporation (NYSE: DAN) announced today it was selected as a 2013 Automotive News PACE Awards finalist for its efficient, robust Spicer ® Diamond Series™ driveshaft. The technology was initially introduced to the commercial vehicle market and has been optimized for use on light vehicles such as pickup trucks. Dana's innovative driveshaft is the first to combine dissimilar metals, successfully pairing steel end fittings with a single-piece, high-strength aluminum tube. The new design can also eliminate the center bearing used in traditional two-piece driveshafts, reducing component wear and installation costs. As a result, this technology weighs up to 40 percent less, improving fuel economy, load-carrying capacity, or both. Dana's corrosion-resistant driveshaft also offers environmental benefits, eliminating both the need to paint the tube's exterior as well as the metal inert gas (MIG) welding process. "Through the use of high-strength aluminum and our proprietary manufacturing processes, Dana engineers were able to reduce the weight and complexity of the driveshaft, delivering a more robust solution for our customers to help them meet the demands for fuel efficient vehicles," said Roger Wood, Dana president and chief executive officer. "Dana is dedicated to developing innovative technologies that meet the needs of tomorrow's vehicles and we are delighted to again be recognized as a PACE Award finalist – this time for the Spicer ® Diamond Series™ driveshaft." The Automotive News PACE Awards honor superior innovation, technological advancement, and business performance among automotive suppliers. Dana was chosen among 32 other innovative finalists for the 2013 awards. In April, Dana was honored with the 2012 Automotive News PACE Innovative Partnership Award along with Ford Motor Co. for their collaboration on the Long® brand active and passive warm-up technology, which improves fuel efficiency by up to 4 percent.