Dana Corporation Completes Sale of Parish Structural Products Operation in Thailand

TOLEDO, Ohio, June 26 -- Dana Corporation announced today that it has completed the sale of its Parish Structural Products (Thailand) Ltd. (PSPT) operation in Bangpakong, Thailand, to AAPICO Hitech Public Co., Ltd., a Thai automotive supplier.

Located just south of Bangkok, PSPT produces frame components for the Isuzu D-Max pickup. The operation employs approximately 275 people and related 2002 sales totaled approximately $40 million.

Proceeds to Dana from the transaction approximated $50 million. In addition, Dana will record an after-tax benefit during the second quarter of approximately $8 million, which represents the recovery of costs associated with the D-Max program that were required to be recorded as operating expenses in prior periods under Generally Accepted Accounting Principles in the United States.

"While the D-Max program changed since inception to the point where it no longer fits our longer-term strategy, we are tremendously proud of the foundation we've laid in providing world-class products to support Isuzu and look forward to working with them on other opportunities," said Dana Automotive Systems Group President Bill Carroll. "As Dana sharpens its focus on our significant axle and driveshaft operations in Thailand, we wish the people associated with the PSPT facility every success with AAPICO."

Dana's axle, driveshaft, and administrative facilities located respectively in Rayong, Latkrabang, and Bangkok, Thailand, were not impacted by the sale.

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 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 2002 sales of $9.5 billion.

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