Dana Corporation Announces Agreement to Sell Engine Management Aftermarket Operations

    TOLEDO, Ohio, Feb. 10 /PRNewswire-FirstCall/ -- Dana Corporation
(NYSE: DCN) announced today that it has signed a definitive agreement to sell
a significant portion of the Engine Management operations of its Automotive
Aftermarket Group to Standard Motor Products (NYSE: SMP), an automotive
replacement parts manufacturer and distributor, for approximately $120
million, subject to post-closing adjustments.  In conjunction with the
transaction, Dana recorded an after-tax charge of approximately $23 million in
the fourth quarter of 2002.
    (Photo:  http://www.newscom.com/cgi-bin/prnh/19990903/DANA )
    The sale involves nine U.S. operations employing approximately 1,900
people, with sales of approximately $288 million in 2002.
    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.  The facilities also include an engine controls distribution center.
    "With this transaction, we will continue our emphasis on core businesses
and those technologies that are central to our growth strategy," said Dana
Chairman and CEO Joe Magliochetti.  "While not core to Dana, these Engine
Management operations can better serve the customer when combined with the
expertise of a company such as Standard Motor Products, which is more focused
on this segment of the aftermarket."
    The transaction is subject to customary regulatory approvals and buyer's
financing.
    Credit Suisse First Boston is acting as financial adviser to Dana in
connection with the transaction.
    Standard Motor Products is one of the oldest and most respected auto
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.  Standard Motor Products employs 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 34 countries. The company reported sales of
$10.3 billion in 2001.

SOURCE Dana Corporation

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

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