Dana Corporation and GETRAG To Partner with Volvo Car Corporation in New Joint Venture

Joint Venture to Produce All-Wheel-Drive and Chassis Systems to Support Global
                      Growth in Crossover Vehicle Market

    TOLEDO, Ohio, April 11 /PRNewswire-FirstCall/ -- Dana Corporation
(NYSE: DCN) and GETRAG Getriebe- und Zahnradfabrik Hermann Hagenmeyer GmbH &
Cie KG (GETRAG) have signed a letter of intent with Volvo Car Corporation
(VCC) for a new Dana-GETRAG entity to purchase a 60-percent interest in VCC's
operations in Koping, Sweden.  The resulting joint venture with VCC will
produce all-wheel-drive (AWD) and chassis systems for passenger cars and
sport-utility vehicles.
    (Photo:  http://www.newscom.com/cgi-bin/prnh/19990903/DANA )
    "We are tremendously excited about this latest evolution in the Dana-
GETRAG relationship and this opportunity to work with Volvo," said Dana
Chairman and CEO Joe Magliochetti.  "This arrangement will leverage the
combined expertise of Volvo, Dana, and GETRAG to serve the burgeoning
crossover vehicle marketplace."
    Plans for the new joint venture call for the operations in Koping to be
streamlined to create a fully integrated, self-sufficient All-Wheel-Drive
Center of Excellence including research, development, and engineering; sales
and marketing; purchasing; and production of AWD components and assemblies.
The joint venture will act as a fully independent supplier and will market its
services to Ford Motor Company, its affiliates, and other automotive
manufacturers around the world.
    "Together with Volvo and based upon an agreed-upon investment plan, we
will transform Koping into the leading full-service supplier in the European
AWD marketplace," said Tobias Hagenmeyer, CEO of the GETRAG Corporate Group.
    Bill Carroll, President of Dana's Automotive Systems Group, said, "This
program is particularly exciting because it is driven by the high-value
technologies GETRAG and Dana can jointly provide to the world's leading AWD
car manufacturers.  It also presents a tremendous opportunity to grow our
support of Volvo in Europe."
    GETRAG is a major supplier to the European automotive industry with an
excellent reputation for quality products and technologies.  Privately owned,
GETRAG was founded in 1935 by Hermann Hagenmeyer and is headquartered in
Untergruppenbach, Germany.  GETRAG is now located at 16 sites around the world
(Germany, Italy, France, U.K., United States, India, and Japan).  The company
produces manual transmissions for passenger cars, SUVs, vans, motorcycles and
light trucks and automated manual transmissions (ASG(R)) for the automotive
industry.  The company's revenues totaled 1.9 billion Euros in 2002 and it
employs approximately 9,000 employees.
    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.
    Dana Corporation owns a 30-percent interest in GETRAG, the parent company
of the GETRAG group of companies, and a 49-percent direct interest in GETRAG's
North American operations.

SOURCE Dana Corporation

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

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