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Dana Announces 241st Consecutive Dividend Following Record Sales and Profits in 1997

9 February 1998

Dana Announces 241st Consecutive Dividend Following Record Sales and Profits in 1997

    TOLEDO, Ohio, Feb. 9 -- Dana Corporation's Board
of Directors today approved a quarterly dividend of $0.27 per share, marking
241 consecutive quarterly dividends without a missed or reduced payment.  The
dividend is payable March 13 to shareholders of record Feb. 27.
    For the first time in its 94-year history, Dana reported
annual sales in excess of $8 billion, as 1997 sales increased 8 percent to
$8.3 billion.  Profits rose to $369 million, a 21-percent increase over 1996,
and earnings per share totaled $3.54, an 18-percent increase compared to the
previous year.
    The past year was marked by a number of strategic transactions, including
the acquisition of businesses totaling $1.3 billion in 1997 sales, as well as
the divestiture of business with $900 million in annual sales.  Buoyed by
these strategic moves, the value of Dana Common Stock increased 46 percent
over the course of 1997.
    Dana also evolved its organizational structure in 1997, establishing six
Strategic Business Units: automotive components, heavy truck components, off-
highway components, engine components, industrial components, and leasing
services.  These units are better aligned with Dana's global markets to
provide customers with highly-integrated global resources and increased speed
to market.
    Dana Corporation is a global leader in the engineering, manufacture, and
distribution of products and services for the automotive, engine, heavy truck,
off-highway, industrial, and leasing markets.  Founded in 1904 and based in
Toledo, Ohio, Dana operates facilities in 30 countries and employs more than
50,000 people.  The Internet address for Dana's home page is http://www.dana.com.

SOURCE  Dana Corporation