Dana Corporation Announces Agreement to Sell Industrial Hose and Fitting Operations to Eaton Corporation

Oct 1, 2002

    TOLEDO, Ohio, Oct. 1 /PRNewswire-FirstCall/ -- Dana Corporation
(NYSE: DCN) announced today that it has signed an agreement to sell the
majority of its Boston Weatherhead industrial hose and fitting operations to
Eaton Corporation (NYSE: ETN).

    The transaction will include the sale of:
    * Manufacturing facilities in Columbia City, Ind.; Ludlow, Mass.; Vinita,
      Okla.; Hohenwald, Tenn.; and Newbern, Tenn.
    * Distribution centers in Montebello, Calif.; Columbus, Ohio; and
      Cleveland, Tenn.
    * A division office in Brentwood, Tenn.
    * Certain assets from manufacturing facilities in Pelahatchie, Miss., and
      Antwerp, Ohio.

    In 2001, Dana's industrial hose and fitting operations had sales of
$207 million and, at year-end, 1,049 employees. The transaction is subject to
regulatory approvals and other customary closing conditions.  Terms of the
agreement were not disclosed.
    Dana Chairman and CEO Joe Magliochetti said, "Divesting Boston Weatherhead
is consistent with Dana's long-term strategy of focusing on core products -
axles, driveshafts, structural systems, brake and chassis products, fluid
systems, filtration products, and bearings and sealing systems.  We believe
this business and its people are better served as part of a company that is
committed to the industrial marketplace."
    Mike Laisure, president of Dana's Engine and Fluid Management Group, said,
"The decision to sell this operation was difficult in light of its reputation
and respect in the industrial marketplace.  However, this action positions us
to focus even more sharply on meeting the needs of our automotive, commercial
vehicle, and off-highway customers."
    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

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