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Dana Sells Hydraulic Cylinder Operations

8 June 1998

Dana Sells Hydraulic Cylinder Operations

    TOLEDO, Ohio, June 8 -- Dana Corporation today
announced that it has sold its hydraulic cylinder business to Hyco
International, Inc., of Atlanta.  Terms were not released.
    The transaction is the tenth divestiture in a series of strategic
transactions that Dana began in 1997.  The business accounted for
approximately $73 million of Dana's 1997 sales.  Dana will record no gain or
loss on the sale.
    Dana Chairman Southwood J. Morcott said, "This move allows Dana to further
focus on the core products, systems, and technologies we consider strategic to
our future growth.  The action is another step in our strategic plan to
increase shareholder value by divesting businesses that do not meet Dana's
financial objectives," he added.
    The operations sold include manufacturing facilities in Arab, Ala.;
Lancaster, Texas; St. Wenceslas, Quebec; and Hausach, Germany.  Hyco said it
plans to continue operating the facilities and looks forward to the
approximately 500 people at those operations joining its operation.
    Morcott added, "With this transaction, Hyco will have more facilities in
more places than any other producer of mobile hydraulic cylinders.  We believe
Hyco can provide a solid environment for the future growth of the hydraulic
cylinder operations and the people who work for them."
    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 company reported record sales of $8.3 billion in 1997.
The Internet address for Dana's home page is http://www.dana.com.
    Hyco is a wholly owned subsidiary of Centre Partners Management LLC, a
private investment firm based in New York.