Dana Corporation Completes Sale of Engine Management Aftermarket Operations

    TOLEDO, Ohio, June 30 /PRNewswire-FirstCall/ --
Dana Corporation (NYSE: DCN) announced today that it has completed the sale of
a significant portion of the Engine Management operations of its Automotive
Aftermarket Group to Standard Motor Products (NYSE: SMP), a manufacturer and
distributor of automotive replacement parts.
    (Logo: http://www.newscom.com/cgi-bin/prnh/19990903/DANA )
    Proceeds from the transaction totaled $121 million.  Of this total,
75 percent (or approximately $91 million) was cash, with the balance split
evenly between debt and equity.  The final price is subject to normal post-
closing adjustments based on the net book value of the assets and liabilities
at the close of business on June 30, 2003.  Dana recorded substantially all of
the expected charges associated with this transaction in the fourth quarter of
2002 concurrent with its decision to sell the business.
    The sale included nine U.S. operations employing approximately
1,900 people.  Combined 2002 sales at these operations were approximately
$290 million.  The facilities involved in the transaction are located in
Branford and Guilford, Conn.; Franklin Park, Ill.; Argos and Mishawaka, Ind.;
Independence, Kan. (two facilities); Northvale, N.J.; and Nashville, Tenn.
    The primary products of these operations are electronic control modules,
wire and cable, fuel injectors, oxygen sensors, and voltage regulators, which
are sold to customers such as NAPA, CSK Auto, O'Reilly Auto Parts, and Pep
Boys.
    "This transaction speaks to our emphasis on core businesses and those
technologies that are central to Dana's growth strategy," said Dana Chairman
and CEO Joe Magliochetti.  "Although not core to Dana, we believe these Engine
Management operations and the people associated with them will benefit from
the expertise of Standard Motor Products, which is more focused on this
segment of the aftermarket."
    Credit Suisse First Boston acted as financial adviser to Dana in
connection with the transaction.
    Standard Motor Products is one of the oldest and most respected automotive
aftermarket manufacturers in the world.  The company is headquartered in Long
Island City, N.Y., with more than 20 factories and distribution centers
located throughout the United States, Puerto Rico, and Canada, as well as in
Europe and the Far East.  Prior to this transaction, Standard Motor Products
employed approximately 3,300 people.
    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 more than 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.

SOURCE Dana Corporation

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

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