Dana Corporation Signs Letter of Intent to Divest Global Hydraulic Cylinder Manufacturing Operations

    TOLEDO, Ohio, April 17 /PRNewswire/ -- Dana Corporation (NYSE: DCN)
announced today that it has signed a letter of intent to sell its global
hydraulic cylinder manufacturing operations to Empire Financial Corporation of
Dallas, Texas.
    Included in the proposed Dana divestiture are hydraulic cylinder
operations in Arab, Alabama, and Lancaster, Texas, as well as the Lessard
operation in St. Wenceslas, Quebec, Canada, and the Erwin Hengstler Hydraulik,
GmbH facility in Hausach, Germany.  Completion of the divestiture is
contingent upon completion of a due diligence review and a definitive purchase
agreement, and the approval of appropriate regulatory agencies.
    "The sale of these hydraulic cylinder operations is consistent with Dana's
sharpened focus on its core businesses," said William J. Carroll, President,
Diversified Products and Distribution.
    "For the future, we feel our cylinder customers will be better served by
Empire as a result of their acquisition," he added.  "We believe Empire
Financial can provide a solid environment for the future growth of these
operations and the people who work in them."
    The four facilities involved in the transaction employ approximately
500 people and produced consolidated sales of nearly $75 million in 1996.
    Empire Financial Corporation is a Dallas-based merchant banking and
investment firm.  The company is actively engaged in the acquisition and
development of operating companies focused on industrial production and
commercial distribution.
    Dana Corporation is a global leader in the engineering, manufacture and
distribution of products and systems for the vehicular, industrial and off-
highway markets.  Its core businesses are axles, driveshafts, structural
components (frames), sealing products, filtration products, engine products,
industrial products and leasing.  Its leasing services operation was a
recipient of the 1996 Malcolm Baldrige National Quality Award.   Founded in
1904 and based in Toledo, Ohio, Dana operates facilities in 30 countries with
more than 48,000 people.  Its 1996 sales were $7.7 billion.  It has more than
40 product research and development centers worldwide. The Internet address
for Dana's home page is: http://www.dana.com.

SOURCE  Dana Corporation

CONTACT: Gary Corrigan, Director-Corporate Communications, of Dana
Corporation, 419-535-4813