Dana Extends Global Sealing Product Business With Acquisition of Germany's Thermoplast

Dec 18, 1996

    TOLEDO, Ohio, Dec. 18 /PRNewswire/ -- Dana Corporation (NYSE: DCN) has
acquired Thermoplast+Apparatebau GmbH, a German injection molding company,
Charles J. McNamara, president of Dana's Sealing Products Group, announced
today.  Terms of the acquisition were not disclosed.
    Based in Idstein, Germany, Thermoplast specializes in the design,
engineering and manufacture of high-precision injection-molded plastic
components and systems for automotive applications.  Founded in 1949,
Thermoplast employs more than 200 persons, with 1995 sales of $35 million.
The company's facilities encompass 151,200 square feet of production,
warehouse and office space.
    Thermoplast's primary products include interior trim, air vent assemblies,
exterior parts, and valve cover assemblies.  More than 60 percent of the
company's business is automotive, with the balance comprising industrial
equipment applications.  Approximately 98 percent of Thermoplast's parts are
used by original equipment manufacturers such as G?eral Motors, Porsche,
Volkswagen and BMW.
    According to McNamara, the move will help Dana expand its leadership in
the global automotive sealing products arena, for the growing demand for
integrated sealing components.  "The Thermoplast acquisition fits well with
our strategy of extending our global leadership in sealing products through
growth and technology development," McNamara said.  "Today, Dana is the only
single company in the world that can approach an engine builder and offer to
'seal' the entire engine."
    Since 1993, Dana has aggressively pursued growth within its Sealing
Products Group.  During that period, Dana has acquired German gasket maker
Reinz-Dichtungs GmbH, and Spanish gasket manufacturer Industrias Serva S.A.,
as well as U.S.-based Plumley Companies, a technological leader in the
manufacture of extruded and molded rubber and silicone sealing products; and
Mohawk Plastics, Inc., a custom-molded plastics company.
    With the acquisition of Thermoplast, Dana's global sealing products
presence includes five technical centers and 21 operations in nine countries.
    Dana Corporation is a global leader in the engineering, manufacture and
distribution of products and systems for the vehicular, industrial and mobile
off-highway markets.  Its core products are axles, driveshafts, structural
components (frames), sealing products and filtration products.  Founded in
1904 and based in Toledo, Ohio, Dana operates facilities in 29 countries with
more than 45,000 people.  Its 1995 sales were $7.6 billion.  Named in 1995 by
Financial World magazine as one of the "Best 100 Growth Companies," Dana is
noted for its style of management and its commitment to innovation.  It has
40 product research and development centers worldwide.  Dana also owns Dana
Commercial Credit Corporation, a leading provider of lease financing services
and winner of the 1996 Malcolm Baldrige National Quality Award.  The Internet
address for Dana's home page is: http://www.dana.com.

SOURCE  Dana Corporation

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