Dayco

Dayco Products, formerly known as Mark IV Industries, is an American parts supplier for construction, automotive, and industrial companies.[1] The companies annual earnings are approximately US$150 million.[1] Its main customers include Caterpillar and General Motors.[2]

Dayco Products, LLC
IndustryManufacturing
Founded1905 Dayton, Ohio, United States
Headquarters
Troy, Michigan
,
USA
Area served
Worldwide
Key people
Joel Wiegert, Chief Executive Officer
Number of employees
4,500
Websitehttps://www.dayco.com

History

Dayco was founded in 1905 as Dayton Rubber Manufacturing Co.[3] by Col. J. C. Hooven in Ohio. The company initially made products such as garden hoses out of natural rubber. In 1908, the company hired John A. MacMillan, and began creating his product, the airless tire. The company also produced the first whitewall tires in 1913. Beginning in the early 1920s, the company entered a diversification period when it radically increased the variety of its products. Dayco would eventually make many different rubber parts, as well as some textiles. It also pioneered some synthetic rubber products, including developing the first synthetic rubber tire. The company would be a valuable supplier of military products during World War II. The company officially changed its name to the DAYCO Corporation in 1960.[4]

Controversies

Dayco filed for bankruptcy protection in April 2009, and emerged from bankruptcy approximately 6 months later. It eliminated about $750 million in debt during the bankruptcy.[1] In 2015, Dayco attracted controversy when it announced it would be closing its two Distribution Centers in North Carolina and one in Nevada.[2] Dayco was consolidating into its Memphis, Tennessee Distribution Facility. The move attracted media attention and resulted in several hundred jobs being lost.[2]

References
  1. Mattoli, Dana; Spector, Mike (6 May 2015). "Dayco Products Exploring Strategic Options, Including Sale". The Wall Street Journal. New York.
  2. Ohnesorge, Lauren (25 May 2016). "Dayco: Here's why we're closing N.C. facilities, laying off employees". Triangle Business Journal. Retrieved 25 May 2016.
  3. McNulty, Mike (25 May 2016). "Dayco leans on CEO for stronger operation". Rubber & Plastics News. Retrieved 25 May 2016.
  4. Bruck, Kate. "DAYCO Corporation" (PDF). Retrieved 25 May 2016.


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