Dana Corporation Completes Sale of Industrial Hose and Fitting Operations to Eaton Corporation

Nov 1, 2002

    TOLEDO, Ohio, Nov. 1 /PRNewswire-FirstCall/ -- Dana Corporation
(NYSE: DCN) announced today that it has completed the sale of the majority of
its Boston Weatherhead industrial hose and fitting operations to Eaton
Corporation (NYSE: ETN).
    (Photo:  http://www.newscom.com/cgi-bin/prnh/19990903/DANA )
    The transaction included five manufacturing facilities, three distribution
centers, and other manufacturing assets.  In 2001, Boston Weatherhead had
sales of $207 million and at year-end, 1,049 employees.
    Dana received proceeds of $130 million from the sale and will record a net
gain of approximately $18 million after-tax in the fourth quarter for the
    Dana Chairman and CEO Joe Magliochetti said, "This transaction is a
further reflection of our continued focus on core products and engineered
solutions that are key to our long-term strategic expertise under-the-vehicle
and under-the-hood."
    Mike Laisure, president of Dana's Engine and Fluid Management Group, said,
"The decision to sell these operations was difficult in light of their solid
reputation in the industrial marketplace. However, this action positions Dana
to better meet and anticipate the needs of our automotive, commercial vehicle,
and off-highway customers.
    "Boston Weatherhead has been an important contributor to Dana," he added.
"This business is a positive, strategic fit for Eaton, and we are confident it
will represent a positive long-term opportunity for the people of Boston
    The investment banking firm of Bank of America Securities assisted Dana
with the transaction.
    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
operates some 300 major facilities in 34 countries and employs approximately
70,000 people.  The company reported sales of $10.3 billion in 2001.  Dana's
Internet address is http://www.dana.com .

SOURCE Dana Corporation

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

Photo Notes: http://www.newscom.com/cgi-bin/prnh/19990903/DANA AP
Archive: http://photoarchive.ap.org PRN Photo Desk, 888-776-6555
or 212-782-2840
Company News On Call: Company News On-Call: