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Dana Corporation Raises Quarterly Dividend 7%

9 February 1999

Dana Corporation Raises Quarterly Dividend 7%

    TOLEDO, Ohio, Feb. 8 -- As a sign of its confidence in the
company's direction, the Board of Directors of Dana Corporation
today raised the next quarterly dividend 2 cents to 31 cents per share,
bringing the annualized dividend rate to $1.24 per share.
    The 7-percent increase is the second advance in nine months and the sixth
increase in as many years.  The dividend is payable March 15, 1999, to
shareholders of record March 1, 1999.  It will represent Dana's 245th
consecutive dividend -- dating back to 1936 -- without a missed or reduced
payment.
    Dana Chairman Southwood J. Morcott said, "Dana experienced significant
growth in both sales and profits in 1998.  The board's action today is a
reflection of its confidence in Dana's continued focus on growth, and is an
endorsement of the company's 1999 financial plan."
    Joe Magliochetti, Dana's president and chief executive officer, said,
"Dana experienced 26-percent growth in operating profits in 1998.  The board's
decision to raise the dividend allows the shareholders to participate in this
improvement."
    The company reported record sales of $12.5 billion and record operating
income of $591 million in 1998, marking the seventh consecutive year of record
sales and the fifth straight year of record operating profits.
    One of the world's largest independent suppliers to vehicle manufacturers
and the aftermarket, Dana Corporation produces components and systems used on
more than 95 percent of the world's 700 million motor vehicles.  Founded in
1904 and based in Toledo, Ohio, the company operates some 330 major facilities
in 32 countries and employs more than 86,000 people.  Dana's Internet address
is http://www.dana.com.