Dana To Sell Power Take-Off Business

    TOLEDO, Ohio, May 16 /PRNewswire/ -- Dana Corporation (NYSE: DCN) today
announced that it has reached an agreement to sell its Chelsea Products
Division to Parker Hannifin Corporation (NYSE: PH).
    (Logo:  http://www.newscom.com/cgi-bin/prnh/19990903/DANA )
    Terms of the agreement were not disclosed.  The transaction is subject to
regulatory approval.
    Chelsea, which manufactures auxiliary power equipment in the United States
and England, employs approximately 140 people at three facilities and had
sales of $67 million in 2000.
    Dana Chairman and CEO Joe Magliochetti said, "The decision to sell an
established brand name and product line is never easy.  However, this action
is consistent with Dana's long-term strategy for growth by focusing resources
on those technologies and operations that support its foundation businesses."
    With annual sales of $6 billion, Parker Hannifin is the world's leading
diversified manufacturer of motion and control technologies and systems,
providing precision-engineered solutions for a wide variety of commercial,
mobile, industrial and aerospace applications.  The company employs more than
45,000 people in 46 countries around the world.  The company's Internet
address is http://www.parker.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 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 .

SOURCE Dana Corporation

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

Photo Notes: http://www.newscom.com/cgi-bin/prnh/19990903/DANA
Company News On Call: Company News On-Call:
http://www.prnewswire.com/comp/226839.html or fax, 800-758-5804,
ext. 226839