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Dana Chairman Receives Automotive Industry Leader of the Year

10 February 1999

Dana Chairman Southwood J. Morcott Receives 1998 Automotive Industry Leader of the Year Award

    TOLEDO, Ohio, Feb. 9 -- Dana Corporation Chairman
Southwood J. (Woody) Morcott received the 1998 Automotive Industry Leader of
the Year Award presented by the Automotive Hall of Fame at the National
Automobile Dealers Association convention in San Francisco, California.
    The Automotive Industry Leader of the Year Award is presented to the
industry executive who has, in the past year, best exemplified the "image,
foresight, leadership, ingenuity, and purpose contributing most to the
advancement of the automotive industry."
    Woody Morcott has served as chairman of Dana Corporation since 1990.
During Morcott's tenure, he has guided Dana through the worst recession since
World War II while keeping the company profitable and maintaining the
dividend.  Under his leadership, Dana has more than doubled in size from less
than $5 billion in sales to $12.5 billion today.  1998 was Dana's seventh
consecutive year of record sales and its fifth consecutive year of record
profits.  In the 1990s, the company has had a compound annual growth rate of
12.2 percent.
    Since Morcott was named chairman, Dana has completed more than 40
acquisitions and joint-ventures.  In 1998, Dana acquired the former Echlin
Inc. in what is the largest acquisition in the history of the automotive
supply industry.  Other recent acquisitions include the heavy axle and brake
division of Eaton Corporation; Clark-Hurth Components, a division of
Ingersoll-Rand; the Sealed Power Division of SPX Corporation; and the Glacier
Vandervell bearings and Clevite North American aftermarket engine parts
businesses of the former T&N plc.
    Morcott also has led Dana through a strategic restructuring in which it
focused on core businesses, selling 10 non-core or non-profitable businesses
since the beginning of 1997.  Morcott's strategic direction has moved Dana
from a components supplier to a systems supplier to a supplier of integrated
systems, the most dramatic example of which is the Rolling Chassis(TM) module,
manufactured for Chrysler Corporation in Brazil.
    Morcott's service on behalf of the automotive industry extends beyond his
work at Dana.  He was a founding member and first co-chairman of the
Automotive-Supplier Government Action Council, where he worked with other
industry leaders on important issues such as the passage of NAFTA and the
opposition to higher CAFE standards.  He has also worked on behalf of the
industry as chairman of the board of trustees of the Manufacturers Alliance
and as a member of the U.S.-Japan Business Council, and the Policy Committee
of the U.S. Business Roundtable.
    The Automotive Hall of Fame is an educational resource and visitor
attraction, located in Dearborn, Mich.  Past honorees include Lee A. Iacocca,
former chairman of Chrysler Corporation; Roger B. Smith, former chairman of
General Motors Corporation; and Alex Trotman, former chairman of Ford Motor
Company.
    One of the world's largest independent suppliers to vehicular, off-
highway, and industrial manufacturers and their related aftermarkets, 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 338 major facilities in 32 countries and employs
more than 86,000 people.  The company reported sales of $12.5 billion in 1998.
Dana's Internet address is http://www.dana.com.