Dana Commercial Credit Corporation Considering Strategic Alternatives for Its Technology Leasing Group

    TOLEDO, Ohio, May 22 /PRNewswire/ -- Dana Commercial Credit Corporation
(DCC), a Dana company, has retained J.P. Morgan & Co. to advise it on
strategic alternatives for its small- and mid-ticket Technology Leasing Group.
This group provides full-service leasing and related services to the fast-
growing micro-computer and office automation markets.
    Edward Shultz, chairman and chief executive officer of Dana Commercial
Credit, said, "The Technology Leasing Group has been and continues to be a
profitable arm of DCC's leasing activities.  The growth potential in this
market segment is outstanding.  DCC's management has concluded, however, that
the Technology Leasing Group may be better served by aligning with a company
that has more aggressive growth expectations in this market, other
complementary products, and global capabilities.  Our strategic planning
process endeavors to maximize the opportunities for our people and our
products.  It was this process which determined that we needed to investigate
strategic alternatives for our Technology Leasing Group."
    Mr. Shultz went on to say, "This is the premier group in the industry --
the sole winner of the Michigan Quality Award in 1995 and a key participant in
winning the Malcolm Baldrige National Quality Award in 1996.  The group
represents a solid growth opportunity.  These operations and the people that
support them are of the highest caliber."
    He added, "Dana Commercial Credit remains committed to its Capital
Markets, Diversified Capital, Shannon Properties, and Asset Management Groups,
most of which are located in the Toledo, Ohio, area and which represent over
two thirds of DCC's assets.  These Groups represent an important core business
for Dana.  Redeploying technology assets and resources will allow the
remaining businesses to grow at an even faster pace."
    The Technology Leasing Group has operations in the United States, Canada,
the United Kingdom, and continental Europe and represents less than one-third
of DCC's assets.
    There can be no assurance as to when or if any transaction will result
from the retention of J.P. Morgan & Co. as DCC's adviser in this matter.
    Dana Corporation is a global leader in the engineering, manufacture, and
distribution of products and services for the automotive, engine, heavy truck,
off-highway, industrial, and leasing markets.  Founded in 1904 and based in
Toledo, Ohio, Dana operates facilities in 30 countries and employs more than
50,000 people.  The company reported record sales of $8.3 billion in 1997.
The Internet address for Dana's home page is http://www.dana.com.

SOURCE Dana Commercial Credit Corporation

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

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