Dana Corporation Completes Sale of Selected DCC Subsidiaries

TOLEDO, Ohio, June 27 Dana Corporation announced today that, in connection with its previously announced plans to divest the businesses of its Dana Credit Corporation (DCC), it has completed the sale of selected DCC subsidiaries to the Investment Equipment Acquisition Statutory Trust, a U.S. affiliate of a London-based leasing and investment group.

Proceeds from the transaction were $69 million, resulting in a net, non- recurring, after-tax gain of $27 million in the second quarter.

Dana Chief Financial Officer Bob Richter said, "We're very pleased with the successful completion of this transaction. As we've previously stated, this portfolio sale represents the first step in the process of divesting the DCC businesses, which should be substantially completed by the end of the year."

Dana Corporation is 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 approximately 70,000 people worldwide. Founded in 1904 and based in Toledo, Ohio, Dana operates hundreds of technology, manufacturing, and customer service facilities in 34 countries. The company reported sales of $10.3 billion in 2001.