Dana To Acquire Interest in European Engine Components Manufacturer

    TOLEDO, Ohio, Feb. 23 /PRNewswire/ -- Dana Corporation (NYSE: DCN)
announced today that it has reached a definitive agreement to purchase a
majority interest in Tribometal a.s., a manufacturer of engine bearings and
metal-polymer bushings.
    The company is located in Dolny Kubin, Slovakia.  Sales for the business
were $7.5 million in 1999.
    "This acquisition fits perfectly into our global growth strategy --
further strengthening our foothold in the Eastern European market by adding to
our successful filter operations in Poland," said Dana Chairman Southwood J.
Morcott.  "This acquisition will help us expand our engine product offerings
and provide opportunities for further global growth."
    "This strategic, bolt-on acquisition supports one of our core businesses
and helps expand our engine group's opportunities in automotive, heavy-truck,
and general applications," said Dana President and CEO Joe Magliochetti.
"This business has a highly skilled workforce and a history of quality and
growth.  It is precisely the type of strategic acquisition that will enhance
shareholder value."
    "This will really add to the strength of our engine business," said Chuck
Heine, president of Dana's Engine Systems Group.  "This operation will fit
nicely with our strategy for our Glacier operations, and we are very pleased
to be opening up new avenues into Central and Eastern European markets."
    The transaction is subject to the approval of appropriate regulatory
agencies.
    This acquisition is consistent with Dana's previously announced Five-Point
Plan for continued growth and improved profitability, which is a tactical link
to the company's overall strategic plan.
    The plan includes the following five tactics:

    * Grow while focusing on returns and maintaining financial discipline;
    * Seek strategic, bolt-on acquisitions at reasonable valuations;
    * Divest non-strategic and non-performing operations;
    * Repurchase stock as the company generates cash; and
    * Complete integration efforts and realize synergy savings.

    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 84,000 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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