GETRAG/Dana and Volvo Cars to Form Joint Venture in Koping

          From Manual Transmissions To Modern All-Wheel Drive (AWD)

    KOPING-GOTEBORG, Schweden and UNTERGRUPPENBACH, Deutschland, April 11
/PRNewswire/ -- GETRAG Getriebe- und Zahnradfabrik Hermann Hagenmeyer GmbH &
Cie KG of Untergruppenbach, Germany (GETRAG) announced today that it will join
forces with Dana Corporation (NYSE: DCN) of Toledo, Ohio (Dana), and Volvo Car
Company (VCC) to establish an "All-Wheel-Drive (AWD) Center of Excellence" in
a joint venture in Koping, Sweden, specialized in AWD and Chassis Systems for
cars and sport utility vehicles.
    The new entity is expected to begin operating during the second half of
2003. A joint venture between GETRAG and Dana will own 60 percent and Volvo
Car Corporation the remaining 40 percent.
    According to the mutually agreed upon business plan, the new entity
expects to install capacity for initially up to 750,000 power take off units
(PTUs) and axle differential assemblies.
    The new entity in Koping will act as a fully independent supplier,
strategically integrated within the GETRAG-Group, and will market its
services, on a global basis, to Ford Motor Company, including all its
affiliates as well as to all other car manufacturers within Europe.
    "Together with Volvo and based upon an agreed upon investment plan, we
will transform Koping into the leading full service supplier in the European
AWD market place," says Tobias Hagenmeyer, CEO of the GETRAG Corporate Group.
    He adds, "This technology will be of utmost importance for the fast
growing 'crossover vehicle' market segment, which we already successfully
introduced with two major OEMs in the United States through our affiliate
GETRAG Corporation in Newton, N.C., and Sterling Heights, Mich., where we are
in the process of launching three additional major programs."
    The chassis systems, presently manufactured and assembled in the Koping
plant for Volvo Cars, will be transferred to the new entity and the entity
intends to actively pursue new business from other OEMs.
    At the present time the plant in Koping also supplies approximately
150,000 manual transmissions annually to Volvo Cars. Toward the end of 2004,
Volvo Cars' production of manual transmissions will be transferred to GETRAG
FORD Transmissions in Cologne, Germany, which is a 50:50 joint venture between
Ford and GETRAG. It was founded on February 1, 2001 and specializes in the
development and production of manual and auto-shift manual transmissions.
GETRAG FORD Transmissions is based in Cologne and has production sites in
Cologne; Bordeaux, France; and Halewood, U.K.
    "The operations in Koping will be streamlined to create a fully integrated
self-sufficient AWD Center of Excellence, including RD&E, sales and marketing,
purchasing and production of AWD components and assemblies," says Curt
Germundsson, Production Director of Volvo Cars.
    GETRAG, which is privately owned, is headquartered in Untergruppenbach,
Germany and was founded in 1935 by Hermann Hagenmeyer. GETRAG is now located
at 16 sites around the world (Germany, Italy, France, U.K., United States,
India and Japan) and produces manual transmissions for passenger cars, SUVs,
vans, motorcycles and light trucks and automated manual transmissions (ASG(R))
for the automotive industry. The company's revenues reached 1.9 billion Euros
in 2002 and it employs approximately 9,000 employees.
    Volvo Cars in Koping produces, in addition to the above-mentioned manual
transmissions, chassis components for the rear-wheel and front-wheel drive
units, spring struts and around 100,000 rear axle differential assemblies and
PTUs.
    Dana Corporation is a publicly traded company on the NYSE (Symbol: DCN)
and a global leader in the design, engineering, and manufacture of value-added
products and systems for automotive, commercial, and off-highway vehicle
manufacturers and their related aftermarkets.  The company employs more than
60,000 people worldwide.  Founded in 1904 and based in Toledo, Ohio, Dana
operates hundreds of technology, manufacturing, and customer service
facilities in 30 countries.  The company reported sales of $9.5 billion in
2002.

SOURCE GETRAG