Dana Corporation to Divest Quinton Hazell European Aftermarket Operations

Nov 28, 2000

    TOLEDO, Ohio, Nov. 28 /PRNewswire/ -- Dana Corporation (NYSE: DCN) today
announced that it intends to divest its Quinton Hazell Group.
    Quinton Hazell is one of the largest independent manufacturers and
distributors of automotive aftermarket components in Europe.  Headquartered in
Nuneaton, U.K., the group operates 14 facilities in nine countries and had
sales of $275 million in 1999.
    (Photo:  http://www.newscom.com/cgi-bin/prnh/19990903/DANA )
    "This announcement reflects Dana's strategy to focus on growing our
foundation businesses and their supporting technologies," said Dana Chairman
and CEO Joe Magliochetti.  "Quinton Hazell is an excellent operation which
presents a tremendous opportunity for a purchaser looking to develop or expand
its automotive aftermarket capability in Europe."
    Terry McCormack, president of Dana's Automotive Aftermarket Group, said,
"Quinton Hazell has a strong brand name and a proud history as a pan-European
aftermarket leader.  The business, which came to us with the acquisition of
Echlin, is an excellent supplier for a wide variety of components, some of
which are manufactured by Dana.  This is an opportunity for Quinton Hazell and
its people to grow with a company dedicated to this marketplace."
    Dana has retained the investment-banking firm of Salomon Smith Barney to
assist in the transaction.
    In accordance with its Five-Point Plan, Dana has intensified its focus on
its foundation businesses by aggressively pursuing the divestiture of those
that are considered non-strategic. Today's announcement reflects the
completion of a review of the strategic opportunities available to Dana for
its Quinton Hazell operations.
    Proceeds from this and other previously announced divestitures will be
used primarily for investment in those technologies and businesses that will
drive Dana's global growth and debt reduction.
    Dana Corporation is one of the world's largest suppliers to vehicle
manufacturers and their related aftermarkets.  Founded in 1904 and based in
Toledo, Ohio, the company operates some 320 major facilities in 32 countries
and employs approximately 80,000 people.  The company reported sales of
$13.2 billion in 1999. Dana's Internet address is http://www.dana.com .

SOURCE Dana Corporation

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

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