Dana To Sell Interest In Korea Spicer

Oct 30, 1997


    TOLEDO, Ohio, Oct. 30 /PRNewswire/ -- Dana Corporation (NYSE: DCN) and
Sung Shin Cement Industrial Co., Ltd., long-standing partners in Korea Spicer
Corporation, today announced that they have signed an agreement for Sung Shin
to purchase Dana's 49-percent share in that joint-venture company.  Closing is
scheduled for mid-November.  Terms of the transaction were not released.
    After closing, Korea Spicer, headquartered in Inchon, will change its name
and discontinue the use of Dana-owned technology, brand names, and trademarks.
    Dana will continue its presence in Korea through its wholly owned
subsidiary, Dana Korea.
    Dana Chairman Southwood J. Morcott said, "This transaction will allow both
joint venture partners more flexibility in pursuing their own interests in
Korea, which remains an important area of growth for Dana.  The action is
another element of our strategic plan and further evidence of our resolve to
increase shareholder value."
    The transaction is expected to result in a gain to Dana, which will be
determined at closing.
    Dana Corporation is a global leader in the engineering, manufacture, and
distribution of products and systems for the automotive, engine, heavy truck,
off-highway, 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

print Print   email Email      rss RSS