Dana Corporation to Participate in Covisint Trade Exchange

Jul 6, 2000

    TOLEDO, Ohio, July 6 /PRNewswire/ -- Dana Corporation (NYSE: DCN)
announced today that it has signed a letter of intent to participate in
Covisint, the new business-to-business Internet trade exchange being planned
by several major automakers.
    (Photo:  http://www.newscom.com/cgi-bin/prnh/19990903/DANA )
    Dana Vice President and Director of e-Business Jim Woodward said the
company expects to use Covisint as its primary trade exchange for transactions
with original equipment customers and suppliers.  "Along with inherently
supporting the activities of our customers, Dana's participation in Covisint
will complement our internal e-procurement initiatives," Woodward said.  He
added that this move is consistent with the Internet technology study group
formed with other tier one suppliers in April.
    "Covisint represents another important tool in Dana's ongoing effort to
eliminate redundancy in the purchasing arena," Woodward added.  "We anticipate
that the exchange will offer tremendous opportunities to Dana in the areas of
integration and collaboration -- two elements that will be critical to our
    As one of the world's largest suppliers to vehicle manufacturers, Dana
purchases approximately $8 billion in goods and services annually and has
previously announced the goal of a cumulative $1 billion in cost reductions
relating to purchasing activities over the next four years.
    Formed by Ford Motor Co., General Motors Corp., DaimlerChrysler AG,
Renault S.A., and Nissan Motor Co., Ltd., the Covisint exchange will be
established as an independent company.  Covisint will utilize a single global
portal to eliminate redundancies and burden from suppliers with the end goals
being lower costs, more streamlined business practices, and increased
efficiencies for the entire industry.
    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 330 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

Photo Notes: http://www.newscom.com/cgi-bin/prnh/19990903/DANA
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