Dana Corporation Completes Sale of Industrial Polymer Bearings Businesses to Goodrich

Sep 4, 2001

    TOLEDO, Ohio, Sept. 4 /PRNewswire/ -- Dana Corporation (NYSE: DCN)
announced today that it has completed the sale of its industrial polymer
bearings businesses to Goodrich Corporation (NYSE: GR).
    (Logo:  http://www.newscom.com/cgi-bin/prnh/19990903/DANA )
    The transaction included the sale of:

    * industrial polymer bearings manufacturing operations in Kilmarnock,
      Scotland; Annecy, France; and Dolny Kubin, Slovakia;
    * the Glacier Industrial Bearings Division, including its manufacturing
      operations in Heilbronn, Germany; and Sao Paulo, Brazil;
    * a bushing block manufacturing facility in Dieuze, France;
    * Dana's interest in Garlock Bearings LLC; and
    * certain research and development assets relating to industrial polymer
      bearings products located in Cawston, England.

    As a result of the sale, Dana will record a one-time, non-recurring gain
of approximately $11 million (7 cents per share) after tax in the third
quarter of 2001.  Pro forma sales for the divested operations were
approximately $100 million in 2000.  The sale did not include Dana's engine
bearing business or its related research and development assets.  Additional
terms of the transaction were not disclosed.
    Dana Chairman and CEO Joe Magliochetti said, "The decision to sell a
respected product line is never easy.  But in the longer term, this move
reinforces our desire to focus Dana's energies on those businesses and
technologies that are more central to our strategy of growth through
innovation in the global vehicular market."
    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
75,000 people.  The company reported sales of $12.3 billion in 2000.  Dana's
Internet address is http://www.dana.com .
    With 2000 sales of $4.4 billion, Goodrich Corporation is a leading
worldwide supplier of aerospace components, systems, and services, as well as
sealing and compressor systems and other engineered industrial products.
Goodrich is ranked by Fortune magazine as one of the "Most Admired" aerospace
companies and is included on Forbes magazine's "Platinum List" of America's
best big companies.  Headquartered in Charlotte, N.C., the company employs
23,000 people worldwide.  For more information, please visit
http://www.goodrich.com .
    Certain statements contained herein constitute "forward-looking"
statements within the meaning of the Private Securities Litigation Reform Act
of 1995.  These statements involve assumptions, uncertainties, and risks, and
Dana's actual future results, performance, or achievements may differ
materially from those expressed or implied in these statements.  Among the
factors that could affect Dana's actual results are post-closing adjustments
on audit and closing costs being different than estimated.  Additional factors
are detailed in Dana's public filings with the Securities and Exchange
Commission.  Dana does not undertake to update any forward-looking statements
contained herein.

SOURCE Dana Corporation

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

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