Hart-Scott-Rodino Waiting Period Expires for Dana-Echlin Merger
Jun 11, 1998
TOLEDO, Ohio and BRANFORD, Conn., June 11 /PRNewswire/ -- Dana Corporation (NYSE: DCN) and Echlin Inc. (NYSE: ECH) announced today that, in connection with their agreement to merge Echlin into a wholly owned Dana subsidiary, the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 has expired without a request for additional documents or information by the U.S. Federal Trade Commission. The companies currently expect that all of the other regulatory approvals required to consummate the merger will be obtained prior to mid-July, although there can be no assurance as to when and if such approvals will be obtained. Dana Corporation is a global leader in the engineering, manufacture, and distribution of products and services for the automotive, engine, heavy truck, off-highway, industrial, and leasing markets. Founded in 1904 and based in Toledo, Ohio, Dana operates facilities in 30 countries and employs more than 50,000 people. The company reported record sales of $8.3 billion in 1997. The Internet address for Dana's home page is www.dana.com. Echlin, with annual sales of $3.5 billion, is a leading producer of quality automotive parts, with more than 140 operations and 28,000 employees on six continents. It manufactures and distributes brake, engine, power transmission, and steering and suspension systems components for the world's 650 million motor vehicles. The company sells these products to a broad base of aftermarket customers, who, in turn, supply them to professional technicians and do-it-yourselfers. It also sells components to original equipment customers for factory installation on new vehicles. Echlin's home page address on the Internet is www.echlin.com. SOURCE Dana Corporation Web site: http: //www.echlin.com CONTACT: Investors - Stephen N. Superits, Vice President - Investor Relations, 419-535-4636, or Media - Gary Corrigan, Director - Corporate Communications, 419-535-4813, both of Dana; Joele Frank or Daniel Katcher of Abernathy MacGregor Frank, 212-371-5999, for Dana; Investors - Paul R. Ryder, Vice President - Investor Relations of Echlin, 203-481-5751; or Media - Lawrence Rand or Eric Berman of Kekst & Co., 212-521-4800, for Echlin