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Dana Completes Sale of Interest in Korea Spicer

14 November 1997

Dana Completes Sale of Interest in Korea Spicer

    TOLEDO, Ohio, Nov. 14 -- Dana Corporation today
completed the sale of its 49-percent share of Korea Spicer Corporation to its
long-time joint-venture partner, Sung Shin Cement Industrial Co., Ltd.
    Korea Spicer, headquartered in Inchon, will change its name before the end
of the year and will discontinue the use of Dana-owned technology, brand
names, and trademarks.
    Dana has had a presence in Korea for 25 years.  The company said it would
continue its operations in Korea through its wholly owned subsidiary, Dana
Korea.
    The transaction will result in a fourth-quarter, after-tax gain to Dana of
$18 million (17 cents per share).
    Dana Corporation is a global leader in the engineering, manufacture, and
distribution of products and systems for the automotive, engine, heavy truck,
off-highway, and industrial markets.  It also operates a leasing services
business, Dana Credit Corporation.  Founded in 1904 and based in Toledo, Ohio,
Dana operates facilities in 30 countries and employs more than 48,000 people.
The Internet address for Dana's home page is http://www.dana.com.

SOURCE  Dana Corporation