Dana and Echlin Set Stockholder Meetings for June 30
Jun 2, 1998
TOLEDO, Ohio and BRANFORD, Conn., June 2 /PRNewswire/ -- Dana Corporation (NYSE: DCN) and Echlin Inc. (NYSE: ECH) announced today that they have scheduled their respective special meetings of stockholders to vote on matters related to the previously announced agreement to merge Echlin with a wholly owned Dana subsidiary. The companies will commence mailing the Joint Proxy Statement-Prospectus today. The Registration Statement on Form S-4 for the Dana stock to be issued in connection with the merger was declared effective today by the U.S. Securities and Exchange Commission. The special meeting of stockholders for Dana Corporation has been scheduled for 10:00 a.m. (EDT) on June 30, 1998 at Riverfront Plaza, East Tower, 951 East Byrd Street, Richmond, Virginia. The special meeting of stockholders for Echlin Inc. has been scheduled for 2:00 p.m. (EDT) on June 30, 1998 at Echlin's corporate headquarters, 100 Double Beach Road, Branford, Connecticut. The record date for stockholders entitled to vote at each meeting is June 1, 1998. Southwood J. Morcott, chairman and chief executive officer of Dana, said, "We are excited about the opportunities this transaction presents and look forward to completing it as soon as possible." Larry McCurdy, chairman, president and chief executive officer of Echlin, said, "Echlin's merger with Dana is a win-win for all our constituents, including shareholders, employees, customers and suppliers." 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 system components for the world's 650 million motor vehicles. The company provides 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; Echlin Inc. Web site: http: //www.dana.com CONTACT: Investors: Stephen N. Superits, Vice President - Investor Relations of Dana, 419-535-4636, or Media: Gary Corrigan, Director - Corporate Communications of Dana, 419-535-4813; or Joele Frank or Daniel Katcher of Abernathy MacGregor Frank, 212-371-5999, for Dana; or 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 Company News On-Call: http: //www.prnewswire.com or fax, 800-758-5804, ext. 226839