Dana Corporation Increases Dividend to 6 Cents Per Share

Oct 21, 2003

    TOLEDO, Ohio, Oct. 21 /PRNewswire-FirstCall/ -- Citing confidence in the
company's performance and direction, the Board of Directors of Dana
Corporation (NYSE: DCN) today declared a dividend on the company's common
stock of 6 cents per share, an increase of 5 cents per share from the previous
payment.  The dividend is payable on Dec. 15, 2003, to shareholders of record
on Dec. 1, 2003.
    (Logo: http://www.newscom.com/cgi-bin/prnh/19990903/DANA )
    "We are pleased that our continuing success in executing our restructuring
plan has enabled us to provide our shareholders with this dividend increase,"
said Glen Hiner, Dana's Acting Chairman.  "We committed to our shareholders
that we would revisit our dividend policy as our results approached what could
be considered 'investment grade' performance.  Our confidence that our net
debt-to-capital will be below 50 percent by year-end moves us toward that
goal.  Increasing the dividend at this time is also consistent with our
expectation of continued improvement in earnings and cash flow."
    He added, "This action reflects the strong belief of Dana that dividends
are an important component of the total return that Dana provides to our
    Dana Corporation is a global leader in the design, engineering, and
manufacture of value-added products and systems for automotive, commercial,
and off-highway vehicle manufacturers and their related aftermarkets.  The
company employs approximately 60,000 people worldwide.  Founded in 1904 and
based in Toledo, Ohio, Dana operates hundreds of technology, manufacturing,
and customer service facilities in 30 countries.  The company reported 2002
sales of $9.5 billion.
    Certain statements contained in this release constitute "forward-looking"
statements within the meaning of the Private Securities Litigation Reform Act
of 1995.  These statements represent Dana's expectations based on our current
information and assumptions.  Forward-looking statements are inherently
subject to risks and uncertainties.  Dana's actual results could differ
materially from those that are anticipated or projected due to a number of
factors.  These factors include national and international economic
conditions; adverse effects from terrorism or hostilities; the strength of
other currencies relative to the U.S. dollar; the cyclical nature of the
global vehicular industry; the performance of the global aftermarket sector;
changes in business relationships with our major customers and in the timing,
size and continuation of their and our programs; the ability of our customers
and suppliers to achieve their projected sales and production levels;
competitive pressures on our sales and pricing; increases in production or
material costs that cannot be recouped in product pricing; the impact of our
collective bargaining negotiations and those of our customers in the North
American light vehicle sector; the continued success of our cost reduction and
cash management programs and of our long-term transformation strategy for the
company; costs associated with the tender offer for our common stock that was
commenced on July 9, 2003, by ArvinMeritor, Inc.; and other factors set out in
our public filings with the Securities and Exchange Commission.  Dana does not
undertake to update any forward-looking statements contained in this release.

SOURCE Dana Corporation

Web Site: http://www.dana.com

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