Dana Corporation Board Authorizes Stock Repurchase, Declares Dividend

19 April 1999
Dana Corporation Board Authorizes Stock Repurchase, Declares Dividend
    TOLEDO, Ohio, April 19 -- The Dana Corporation
Board of Directors today authorized a stock buy-back plan under which the
company's management may repurchase up to $350 million of its common stock.
The purchases will be made in the open market or in privately negotiated
transactions, from time to time during the next 12 to 18 months, depending
upon market prices and other considerations.
    Jack Simpson, executive vice president and chief financial officer, said,
"This repurchase program is a critical part of Dana's plans to enhance
shareholder value.  It will be funded through available cash flow, which could
be supplemented by proceeds from asset sales currently under evaluation.
    "The strategy behind the program is very specific.  At recent price
levels, we believe that our stock represents a very attractive investment
opportunity and that we have the ability to manage a program of this size
within the context of our financial targets and debt-rating objectives.  And,
if available cash flow exceeds current expectations, we would seek additional
authorization from the Board," he said.

    BOARD ANNOUNCES DIVIDEND
    The Board today also approved a quarterly dividend of 31 cents per share,
payable June 15, 1999, to shareholders of record June 1, 1999.  This will be
Dana's 246th consecutive dividend -- dating back to 1936 -- without a missed
or reduced payment.
    As a sign of its confidence in the company's direction, Dana's Board of
Directors raised the dividend to 31 cents per share in February, bringing the
annualized dividend rate to $1.24 per share.  That 7-percent increase was the
second advance in nine months and the sixth increase in as many years.
    One of the world's largest independent suppliers to vehicle and engine
manufacturers and related aftermarkets, Dana Corporation produces components
and systems found under the vehicles and under the hoods of millions of
applications.  Founded in 1904 and based in Toledo, Ohio, the company operates
some 340 major facilities in 32 countries and employs more than 86,000 people.
Dana reported sales of $12.5 billion in 1998.  Dana's Internet address is
http://www.dana.com.