Dana, Riken to Study Technological Alliance, European Joint Venture

    TOLEDO, Ohio, May 30 Dana Corporation and
Riken Corporation today announced that they have agreed to study an alliance
for the development of advanced piston ring technology.  Further, the
companies are studying the potential for a joint venture for piston ring
manufacturing in Europe.
    
    Through a memorandum of understanding, the companies said that the
alliances would better serve the worldwide customer base of each company
through faster development of technology and stronger manufacturing and
distribution, especially in Europe.

    "Dana's Perfect Circle operations and Riken are leaders in the development
of advanced piston ring technology.  This global alliance would offer our
worldwide customers even greater solutions for engine performance," said
Daniel Moody, president of Dana's worldwide Perfect Circle engine products
operations.

    K. Oguchi, president of Riken, said, "Riken and Perfect Circle have global
customers; this alliance would serve to further strengthen each company's
research and development, manufacturing, and distribution efforts, especially
in Europe."