Dana Corporation Declares 251st Consecutive Dividend
Jul 17, 2000
Terry McCormack chosen to lead Automotive Aftermarket Group TOLEDO, Ohio, July 17 /PRNewswire/ -- Dana Corporation (NYSE: DCN) today declared its 251st consecutive dividend, extending a streak that dates back to 1936 without a missed or reduced payment. The dividend of 31 cents per share is payable Sept. 15, 2000, to shareholders of record Sept. 1. (Photo: http://www.newscom.com/cgi-bin/prnh/19990903/DANA ) Dana Chairman and CEO Joe Magliochetti said, "This dividend builds upon our long history of reliable dividend payments to our shareholders. We are very pleased to be able to share our successes with our shareholders in this way." The company also announced that 27-year Dana veteran Terry McCormack will succeed the retiring Larry McCurdy as Group President of its Automotive Aftermarket Group business unit. Mr. McCormack most recently served as president of the Wix Worldwide Filtration group. "Terry brings nearly three decades of aftermarket and distribution- oriented experience to this position," Mr. Magliochetti said. "His strong background will be integral in leading the successful consolidation of the Engine Controls warehouse network and will play a key role in Dana achieving the synergy targets set forth with the Echlin merger." Mr. McCurdy, former chairman of Echlin Inc., retires after more than 40 years in the industry. He previously held leadership positions with Cooper Industries, Inc., Moog Automotive, Inc., and Tenneco, Inc. "Larry will certainly be missed upon his retirement. His reputation and stature within the automotive industry are unequaled," Mr. Magliochetti said. "Larry has dedicated his career to the industry, and we are indebted to him for his leadership throughout the merger and integration of Echlin into Dana." Mr. McCormack joined Dana in 1973 as a sales trainee. He then served in a number of management positions within the Distribution Services Division and Weatherhead. Mr. McCormack was appointed division inventory control manager of warehouse operations in 1983. He became plant manager of the Aftermarket Production Division's Barmatic Products plant in 1985, and he was made plant manager of the Weatherhead Division's Antwerp, Ohio, plant in 1990. He was made general manager of the Distribution Services Division in 1995, and he was named vice president and general manager of the division in 1996. In January 1998, Mr. McCormack became vice president and general manager of the Wix Division, North America. He was named president of Wix Worldwide Filtration in January 2000. 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 320 major facilities in 32 countries and employs more than 82,000 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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