Dana Corporation Announces Agreements to Sell Non-Core Businesses

Oct 29, 2002

    TOLEDO, Ohio, Oct. 29 /PRNewswire-FirstCall/ -- Dana Corporation
(NYSE: DCN) announced today that it has signed agreements with The Riverside
Company, a leveraged buyout firm, to sell the following non-core businesses:
    (Photo:  http://www.newscom.com/cgi-bin/prnh/19990903/DANA )

    * Tekonsha Engineering Company, located in Tekonsha, Mich., a manufacturer
      of aftermarket electric brake controls and related products for the
      recreation, agricultural, and trailer markets.  This transaction
      includes Dana's SurePull Products facility in Sheridan, Ark., which
      produces hitches and towing accessories;
    * Theodore Bargman Company, located in Albion, Ind., a manufacturer of
      exterior illumination products, electrical accessories, and locks and
      latches; and
    * American Electronic Components, Inc., located in Elkhart, Ind., a
      manufacturer of sensors, switches and relays.

    The combined operations employ nearly 700 people and had total sales of
$81 million in 2001.
    The transactions are subject to customary closing conditions.  Terms of
the agreements were not disclosed.
    Dana Chairman and CEO Joe Magliochetti said, "The decision to sell these
operations is consistent with Dana's long-term strategy of focusing on core
products.  These actions focus us even more sharply on our automotive,
commercial vehicle, and off-highway customers.  At the same time, we believe
these businesses and their people will be better served as part of a company
with a growth strategy for these niche markets."
    The Riverside Company, with offices in New York, Cleveland, Dallas, and
San Francisco, is one of the leading private equity firms investing in premier
companies at the smaller end of the middle market.  The firm has more than
half a billion dollars of capital under management.  More information on The
Riverside Company can be found at http://www.riversidecompany.com .
    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 http://www.riversidecompany.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: