Dana Corporation Named Newsmaker of Year By Diesel Progress
Dec 30, 1997
TOLEDO, Ohio, Dec. 30 /PRNewswire/ -- Dana Corporation (NYSE: DCN) has received the inaugural Newsmaker of the Year Award from Diesel Progress magazine. The award was presented by magazine officials earlier this month. The award recognizes the person, company, product, market, or technology that, in the opinion of the magazine's editorial board, made the most important industry news during the previous 12 months in any or all of the engine-powered equipment or components markets. In announcing the award, Diesel Progress said, "In making news, Dana Corp. was second to none." The magazine added that Dana's many acquisitions and divestitures this year ". . . underscored Dana's commitment to be a Tier I supplier to just about everything that moves, on the road or off." So far this year, Dana has completed the acquisition of Clark-Hurth Components and the Sealed Power Division of SPX Corporation. Last week, Dana announced that it has received clearance from the Federal Trade Commission to complete the purchase of the Heavy Axle and Brake business of Eaton Corporation. Additionally, Dana has entered into various joint ventures, including a 75-percent share of Wix-Filtron, a Polish manufacturer of filtration products. Dana also has announced nine divestitures this year, including the sale of its U.S. heavy-truck structural components operation; European warehouse distribution facilities; vehicular clutch business; transmission business; leaf spring manufacturing assets; flat rubber products business; and its 49-percent interest in Korea Spicer Corporation. It announced the sale of its brake hose business last week. Dana Corporation is a global leader in the engineering, manufacture, and distribution of products and systems for the automotive, heavy truck, off-highway, engine, and industrial markets. It also operates a leasing services business, Dana Credit Corporation. Founded in 1904 and based in Toledo, Ohio, Dana operates facilities in 30 countries and employs more than 48,000 people. The Internet address for Dana's home page is www.dana.com. SOURCE Dana Corporation CONTACT: Gary Corrigan of Dana, 419-535-4813 CNOC: http: //www.prnewswire.com or fax, 800-758-5804, ext. 226839 WEBSITE: http: //www.dana.com