Dana Corporation Agrees to Sell Industrial Polymer Bearings Businesses to Goodrich

    TOLEDO, Ohio, May 24 /PRNewswire/ -- Dana Corporation (NYSE: DCN)
announced today that it has signed an agreement to sell its industrial polymer
bearings businesses to The BFGoodrich Company (NYSE: GR).
    (Photo:  http://www.newscom.com/cgi-bin/prnh/19990903/DANA )
    The transaction will include 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.

    Pro forma sales for these operations were approximately $100 million in
2000.
    The sale will not include Dana's engine bearing business or its related
research and development assets.
    Terms of the agreement were not disclosed.  The transaction is subject to
regulatory approvals, compliance with applicable workers' consultation
procedures, and customary closing conditions.  Closing is anticipated by the
end of the third quarter of 2001.
    Dana Chairman and CEO Joe Magliochetti said, "The decision to sell a
recognized and respected product line is never easy.  But in the longer term,
the decision to divest the industrial polymer bearings business is consistent
with Dana's long-term strategy of growth through innovation in the global
vehicular market.  We believe that this business, and its people, are better
served as part of a company that is dedicated to the industrial marketplace."
    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 35 countries and employs more than
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, The BFGoodrich Company is a leading
worldwide supplier of aerospace components, systems, and services, as well as
sealing and compressor systems and other engineered industrial products.
BFGoodrich 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.  The company has its headquarters in Charlotte,
N.C., and employs 23,000 people worldwide.  On April 17, 2001, shareholders
approved the change of the company name to Goodrich Corporation, effective
June 1, 2001.  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.  Factors that
could affect the closing of this transaction include those listed herein.
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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