Dana To Sell Commercial Vehicle Cab Systems Group

Toledo, Ohio (PROTEXT) - Consistent with its Five-Point Planfor continued growth and increased profitability, DanaCorporation (NYSE: DCN) announced today that it is planning tosell its Commercial Vehicle Cab Systems Group. The Commercial Vehicle Cab Systems Group, a part of Dana sincethe acquisition of Echlin Inc. last July, manufactures mirrorsand mirror systems, windshield wiper systems, and HVAC controlsfor medium- and heavy-duty trucks. Its products are marketedprimarily under the Moto Mirror(R) and Sprague(R) brand names. The group had sales of $91 million in 1998 and employsapproximately 550 people at facilities in Canby, Ore.; Canton,N.C.; and Michigan City, Ind. "This announcement is consistent with our plan to divest non-strategic or non-performing operations," said Joe Magliochetti,Dana's president and CEO. "In this case, we are selling a superboperation -- in which a number of potential buyers have expressedinterest -- that doesn't fit with the strategic direction of ourHeavy Truck Group." Rick Clayton, president of Dana's Heavy Truck Group, said,"This is a very strong operation with an excellent record ofperformance. We are confident that this group will continue togrow with the right buyer." In April, Dana unveiled its Five-Point Plan, which is atactical link to the company's overall strategic plan. The Five-Point Plan provides elements for continued growth and increasedprofitability over the next 12 to 18 months. The plan includes the following five tactics: * 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 Donaldson,Lufkin & Jenrette, Inc., 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 Dana, (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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