Dana Chairman Named Automotive Industry Leader of the Year

Oct 20, 1998

    TOLEDO, Ohio, Oct. 20 /PRNewswire/ -- Dana Corporation (NYSE: DCN)
Chairman and Chief Executive Officer Southwood J. Morcott has been named the
1998 Automotive Industry Leader of the Year by the Automotive Hall of Fame.
    The Automotive Industry Leader of the Year Award is presented to the
industry executive who has, in the past year, best exemplified the "image,
foresight, leadership, ingenuity, and purpose contributing most to the
advancement of the automotive industry."
    Woody Morcott has served as chief executive officer of Dana since 1989 and
chairman since 1990.  During his tenure, he has guided Dana through the worst
recession since World War II while keeping the company profitable and
maintaining the dividend.  Under his leadership, Dana has more than doubled in
size from a company with less than $5 billion in sales to a $12-billion
company today.  The company has reported record sales each year since 1993 and
record profits every year since 1992.  In the 1990s, the company has had a
compound annual growth rate of 12.3 percent.
    Since Morcott was named chairman, the company has completed more than
40 acquisitions and joint ventures.  Most recently, Dana acquired the former
Echlin Inc. in what is the largest acquisition in the history of the
automotive supply industry.  Other recent acquisitions include the heavy axle
and brake division of Eaton Corporation; Clark-Hurth Components, a division of
Ingersoll-Rand; and the Sealed Power Division of SPX Corporation.
    Morcott also has led the company through a strategic restructuring in
which it focused on core businesses, selling 10 non-core or non-profitable
businesses since the beginning of 1997.  Morcott's strategic direction has
moved Dana from a components supplier to a systems supplier to a supplier of
integrated systems, the most dramatic example of which is the Rolling
Chassis(TM) vehicle component module, manufactured for Chrysler Corporation in
    Morcott's service on behalf of the automotive industry extends beyond his
work at Dana.  He was a founding member and first co-chairman of the
Automotive-Supplier Government Action Council, where he worked with other
industry leaders on important issues such as the passage of NAFTA and the
opposition to higher CAFE standards.  He has also worked on behalf of the
industry as chairman of the board of trustees of the Manufacturers Alliance
and as a member of the U.S.-Japan Business Council, and the Policy Committee
of the U.S. Business Roundtable.
    This recognition comes on the heels of a number of other awards Dana has
received in recent months.  In July, Dana was named one of the world's
100 best-managed companies by IndustryWeek magazine.  Last week, IndustryWeek
named the company's Structural Products facility in Hopkinsville, Ky., one of
the 10 best plants in North America.  Also, Dana's Board of Directors was
named one of the Top 5 in the United States by Chief Executive magazine in its
October issue.
    In the past two years, units of Dana have received 16 state quality awards
and the Malcolm Baldrige National Quality Award.
    The Automotive Hall of Fame is an educational resource and visitor
attraction, located in Dearborn, Mich.  Past honorees include Lee A. Iacocca,
former chairman of Chrysler Corporation; Roger B. Smith, former chairman of
General Motors Corporation; and Alex Trotman, chairman of Ford Motor Company.
    One of the world's largest independent suppliers to vehicular, off-
highway, and industrial manufacturers and their related aftermarkets, Dana
Corporation produces components and systems used on more than 95 percent of
the world's 650 million motor vehicles. Founded in 1904 and based in Toledo,
Ohio, the company operates 270 major facilities in 33 countries and employs
more than 79,000 people.  The company had pro forma sales of $11.9 billion in
1997. Dana's Internet address is http://www.dana.com.

SOURCE Dana Corporation

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

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