Dana To Sell Commercial Vehicle Cab Systems Group

    TOLEDO, Ohio, June 10 /PRNewswire/ -- Consistent with its Five-Point Plan
for continued growth and increased profitability, Dana Corporation (NYSE: DCN)
announced today that it is planning to sell its Commercial Vehicle Cab Systems
Group.
    The Commercial Vehicle Cab Systems Group, a part of Dana since the
acquisition of Echlin Inc. last July, manufactures mirrors and mirror systems,
windshield wiper systems, and HVAC controls for medium- and heavy-duty trucks.
Its products are marketed primarily under the Moto Mirror(R) and Sprague(R)
brand names.
    The group had sales of $91 million in 1998 and employs approximately 550
people at facilities in Canby, Ore.; Canton, N.C.; and Michigan City, Ind.
    "This announcement is consistent with our plan to divest non-strategic or
non-performing operations," said Joe Magliochetti, Dana's president and CEO.
"In this case, we are selling a superb operation -- in which a number of
potential buyers have expressed interest -- that doesn't fit with the
strategic direction of our Heavy Truck Group."
    Rick Clayton, president of Dana's Heavy Truck Group, said, "This is a very
strong operation with an excellent record of performance.  We are confident
that this group will continue to grow with the right buyer."
    In April, Dana unveiled its Five-Point Plan, which is a tactical link to
the company's overall strategic plan.  The Five-Point Plan provides elements
for continued growth and increased profitability over the next 12 to 18
months.
    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 has retained the investment-banking firm of Donaldson, Lufkin &
Jenrette, Inc., to assist in the transaction.
    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 86,000 people.  The company reported sales of
$12.5 billion in 1998. Dana's internet address is http://www.dana.com.

SOURCE Dana Corporation

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

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