Dana Corporation Sells Senior Unsecured Notes

    TOLEDO, Ohio, March 12 /PRNewswire/ -- Dana Corporation (NYSE: DCN)
announced that yesterday it had issued and sold $350 million of new Senior
Unsecured Notes consisting of $150 million of 6-1/2 percent Notes due
March 15, 2008 and $200 million of 7 percent Notes due March 15, 2008.
    Initially planned as a $300 million offering, the amount of the 30-year
Note Issue was increased by $50 million in response to demand by bond buyers.
    This was Dana's first public bond offering since 1986.  The Notes were
rated "Baa1" by Moody's Investor Services and "A-" by Standard & Poor's
Corporation.
    According to Dana's Chief Financial Officer, Jack Simpson, proceeds from
the Issues will be used to refinance existing short- and medium-term
obligations.  "We felt it an appropriate time to lengthen the maturity
schedule of our debt portfolio given the current interest rate environment and
the recent upgrade in our credit rating by S&P," he said.
    The Note Issues are scheduled to close on Monday, March 16, 1998.  Lehman
Brothers was the Lead Manager for the underwriting group.  And Merrill Lynch &
Co. and J.P. Morgan & Co. were Co-Managers.
    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.

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