Dana Corporation Announces Wheel-End Braking System Joint Venture with Bendix

Toledo, Ohio -- Jun 22, 2004 -- Dana Corporation (NYSE: DCN) announced today that it has formed a North American joint venture with Bendix Commercial Vehicle Systems LLC, a member of the Knorr-Bremse Group, focused on commercial vehicle foundation brake components and technologies.  The joint venture, which is expected to close on June 30, 2004, will operate under the name Bendix Spicer Foundation Brake LLC. 

The move combines and expands complementing technologies throughout North America, making available a comprehensive range of wheel-end brake products, including S-Cam and air disc brakes, slack adjusters and actuators, as well as a full array of related aftermarket parts for medium- and heavy-duty commercial vehicles. It integrates the braking systems expertise from Bendix and the Knorr Bremse Group, with the axle and brake integration capability of Dana, for a powerful long-term partnership between the organizations.

“Joint ventures support Dana’s drive to deliver the best performing technologies to our customers,” said Dana Chairman and CEO Michael J. Burns.  “We’re pleased to combine strengths with the Knorr Bremse Group to strengthen our product offering to our commercial vehicle customers.”

Nick Cole, president of Dana’s Heavy Vehicle Technologies and Systems Group, added, “We strongly support this initiative knowing that both companies will contribute product, technology, and distribution leadership to support our customers with innovative systems solutions that will add true value for commercial-vehicle owners.”

Heinz Hermann Thiele, chairman of Knorr-Bremse AG, remarked, “We believe this business has a strong future. The combination of Bendix and Dana foundation brake solutions represents a dynamic force in the commercial-vehicle industry, with an increased capacity to serve the needs of our customers.” 

“The launch of this joint venture is further evidence of our continued commitment to provide our North American customers a full range of innovative commercial vehicle braking system solutions,” said Joe McAleese, president and CEO of Bendix. 

The joint venture integrates the dedicated foundation brake business units of both Bendix and Dana.  Completion of the transaction is subject to final corporate approvals at both companies.  

Dana Corporation is a global leader in the design, engineering, and manufacturing of value-added products and systems for automotive, commercial, and off-highway vehicles.  The company's continuing operations employ approximately 45,000 people worldwide dedicated to advancing the science of mobility.  Founded in 1904 and based in Toledo, Ohio, Dana operates technology, manufacturing, and customer-service facilities in 30 countries.  Sales from continuing operations totaled $7.9 billion in 2003.  Dana’s Internet address is www.dana.com.

Bendix Commercial Vehicle Systems LLC, a member of the Knorr-Bremse Group, supplies air brake charging and control system and components, vehicle modules, and leading-edge safety technologies under the Bendix® brand name for medium- and heavy-duty trucks, tractors, trailers, buses, and other commercial vehicles in North America, Europe, and Australia.  Employing more than 1,800 people, Bendix is headquartered in Elyria, Ohio, with manufacturing plants in Acuna, Mexico; Frankfort, Ky.; and Huntington, Ind.  For more information, call 800-AIR-BRAKE (800-247-2725) or visit www.bendix.com.