Dana Corporation Intends to Sell Global Hydraulic

Operations Toledo, Ohio (PROTEXT) - Dana Corporation (NYSE: DCN) todayannounced its intention to sell its worldwide Gresen hydraulicoperations. Gresen had sales of approximately $135 million in 1998 andemploys nearly 1,000 people at facilities in Greenville, S.C.;Minneapolis; Sarasota, Fla.; and Cachoeirinha, R.S., Brazil. Gresen manufactures a wide range of hydraulic pumps, motors,cylinders, control valves, filters, and electronic controls forauxiliary equipment for on- and off-highway vehicles. It also hassignificant systems capabilities. Nick Cole, president of Dana's Off-Highway Systems Group,said, "This decision was not easy. Gresen is a solid performer,but as Dana focuses more on its core businesses, auxiliary poweris becoming less strategic for us. Gresen has always hadexcellent products and exceptional people. This decision shouldgive them greater potential with a company that considers theseproducts to be core." According to Cole, the proposed sale is consistent with Dana'spreviously announced Five-Point Plan for continued growth andincreased profitability, and it comes in response to interestfrom potential buyers. "In the last two months, Dana has announced its intention tosell non-strategic or under-performing operations with salestotaling some $665 million. The decisions, while difficult, arepart of Dana's Five-Point Plan for continued growth and increasedprofitability," said Joe Magliochetti, Dana president and CEO. Dana unveiled its Five-Point Plan in April. The plan, atactical link to the company's overall strategic plan, includesthe following five elements: * Grow while focusing on returns and maintaining financialdiscipline; * Seek strategic, bolt-on acquisitions at reasonablevaluations; * Divest non-strategic and non-performing operations; * Repurchase stock as the company generates cash; and * Complete integration efforts and realize synergy savings. Dana has retained the investment-banking firm of MorganStanley Dean Witter to assist in the transaction. Dana Corporation is one of the world's largest independentsuppliers to vehicle manufacturers and their relatedaftermarkets. Founded in 1904 and based in Toledo, Ohio, thecompany operates some 330 major facilities in 32 countries andemploys more than 86,000 people. The company reported sales of$12.5 billion in 1998. Dana's Internet address is www.dana.com .ots Original Text Service: Dana Corporation Internet:http://www.newsaktuell.de Contact: Gary Corrigan of DanaCorporation, (USA) 419-535-4813 Company News On-Call:http://www.prnewswire.com/comp/226839.html or fax, (USA) 800-758-5804, ext. 226839 Web site: http://www.dana.com

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