Dana Corporation Completes Sale Of Additional DCC Subsidiaries

Dec 31, 2002

    TOLEDO, Ohio, Dec. 31 /PRNewswire-FirstCall/ --
Dana Corporation (NYSE: DCN) announced today that as part of its continuing
plans to divest businesses and assets of Dana Credit Corporation (DCC), it has
completed the sale of certain DCC subsidiaries, whose principal assets were
real estate holdings, to a wholly-owned subsidiary of The Goldman Sachs Group,
Inc. (NYSE: GS).
    (Photo:  http://www.newscom.com/cgi-bin/prnh/19990903/DANA )
    Proceeds from the sale completed today were $73 million, which
approximated the net book value of the subsidiaries.  With this transaction,
the cumulative proceeds from divested DCC businesses and assets for the year
approximate $325 million.
    Lazard Freres & Company LLC served as adviser to Dana during the
    Dana Corporation is one of the world's largest suppliers of components,
modules, and complete systems to global vehicle manufacturers and their
related aftermarkets.  Founded in 1904 and based in Toledo, Ohio, the company
employs more than 60,000 people around the world.  The company reported sales
of $10.3 billion in 2001.  Dana's Internet address is http://www.dana.com .
    Goldman Sachs is a leading global investment banking, securities and
investment management firm that provides a wide range of services worldwide to
a substantial and diversified client base that includes corporations,
financial institutions, governments and high net worth individuals. Founded in
1869, it is one of the oldest and largest investment banking firms.  The firm
is headquartered in New York and maintains offices in London, Frankfurt,
Tokyo, Hong Kong and other major financial centers around the world.

SOURCE Dana Corporation

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

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