Dana Corporation Celebrates Its 250th Consecutive Dividend

                Consistent dividend payments date back to 1936

    NEW YORK, May 31 /PRNewswire/ -- Dana Corporation (NYSE: DCN) today
celebrated its 250th consecutive dividend without a missed or reduced payment
dating back to 1936. To mark this milestone, Dana Chairman and CEO Joe
Magliochetti was invited to ring the closing bell to end today's trading on
the floor of the New York Stock Exchange.
    (Photo:  http://www.newscom.com/cgi-bin/prnh/19990903/DANA )
    "We are proud to continue Dana's consistent performance with regard to the
payment of our dividend," Magliochetti said.  "We are very pleased to be able
to share Dana's successes with its shareholders in this way.
    "In fact," he added, "Dana has paid more than $2.3 billion in dividends to
its shareholders over the last 25 years. This is the type of consistent
performance which is often undervalued in today's market."
    At the close of trading yesterday, Dana's dividend yield was 4.8 percent
-- four times that of the S&P 500.  The quarterly dividend of 31 cents per
share will be paid June 15, 2000, to shareholders of record as of June 5.
    The value of Dana's dividend as one component within the performance of
Dana stock as a long-term investment is illustrated by the fact that 100
shares of stock held since 1936 would have earned its holders more than
$480,000 in dividend payments.
    "We believe that our dividend is one of the things that makes Dana stock a
very attractive long-term investment at current levels, and we continue to
repurchase shares under our buyback authorization," said Dana Vice President
and Chief Financial Officer Bob Richter.
    Dana's Board of Directors has authorized stock buyback programs of up to
$600 million since April 1999.  As of the end of April the company had
repurchased 13.9 million shares under these authorizations.
    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

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