Dana Corporation Completes Sale of Parish Structural Products Operation in Thailand

    TOLEDO, Ohio, June 26 /PRNewswire-FirstCall/ --
Dana Corporation (NYSE: DCN) announced today that it has completed the sale of
its Parish Structural Products (Thailand) Ltd. (PSPT) operation in Bangpakong,
Thailand, to AAPICO Hitech Public Co., Ltd., a Thai automotive supplier.
    Located just south of Bangkok, PSPT produces frame components for the
Isuzu D-Max pickup.  The operation employs approximately 275 people and
related 2002 sales totaled approximately $40 million.
    Proceeds to Dana from the transaction approximated $50 million.  In
addition, Dana will record an after-tax benefit during the second quarter of
approximately $8 million, which represents the recovery of costs associated
with the D-Max program that were required to be recorded as operating expenses
in prior periods under Generally Accepted Accounting Principles in the United
States.
    "While the D-Max program changed since inception to the point where it no
longer fits our longer-term strategy, we are tremendously proud of the
foundation we've laid in providing world-class products to support Isuzu and
look forward to working with them on other opportunities," said Dana
Automotive Systems Group President Bill Carroll.  "As Dana sharpens its focus
on our significant axle and driveshaft operations in Thailand, we wish the
people associated with the PSPT facility every success with AAPICO."
    Dana's axle, driveshaft, and administrative facilities located
respectively in Rayong, Latkrabang, and Bangkok, Thailand, were not impacted
by the sale.
    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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