Dana and Riken Form European Joint Ventures for Piston Rings

Sep 12, 2001

    TOLEDO, Ohio, Sept. 12 /PRNewswire/ -- Dana Corporation (NYSE: DCN) and
Riken Corporation announced today their agreement to form piston ring sales
and manufacturing joint ventures in Europe.  The joint ventures will offer
high-technology solutions to meet the advanced piston ring requirements of
global engine platforms for both diesel and gasoline engines.
    (Photo:   http://www.newscom.com/cgi-bin/prnh/19990903/DANA )
    "Dana's Perfect Circle and Riken are strong brand names, with
complementary product lines and technology," said Dan Moody, vice president of
Dana's worldwide engine products group. "Together, we will offer the European
market best in class in research and development, manufacturing and
    Kunihiko Oguchi, president of Riken, said, "Riken's and Perfect Circle's
engineering capabilities are recognized by our global customers.  These joint
ventures will have equal ownership of both companies and will provide broad
coverage of product lines and technology."
    This latest understanding expands the current global relationship between
the two companies.  Perfect Circle and Riken have worked together for more
than 12 years in a joint venture supplying parts to North American OE
transplant operations, and Riken has extended a licensing agreement to Perfect
Circle in South America for the past two years.  In May 2000 the companies
agreed to study a global alliance for the development of advanced piston ring
technology, and to study the potential for the European joint venture.
    Riken Corporation is one of the world's foremost piston ring makers.
Founded in 1927 and based in Tokyo, Japan, the corporation employs
4,400 people and has 11 overseas subsidiaries and affiliates.  Riken's
Internet address is http://www.rikencorp.com .
    Dana Corporation is one of the world's largest independent suppliers to
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 75,000 people.  The company reported
sales of $12.3 billion in 2000.  Dana's Internet address is http://www.dana.com .

SOURCE Dana Corporation

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

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