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Dana Corporation to Sell Sierra Aftermarket Operations

19 July 1999

Dana Corporation to Sell Sierra Aftermarket Operations

    TOLEDO, Ohio, July 19 -- Dana Corporation today
announced plans to sell its Sierra International, Inc., aftermarket marine and
power equipment parts operations.
    With 1998 sales of approximately $40 million, Sierra manufactures and
distributes Sierra Marine(R) engine and drive products, Shields Marine(R) hose
products, and Prime Line(R) power equipment components.  The business employs
nearly 165 people at facilities in Litchfield, Ill., and Clearwater, Fla.  The
group came to Dana through its acquisition of Echlin Inc. last July.
    Larry McCurdy, president of Dana's Automotive Aftermarket Group, said,
"Sierra is known for its quality people, products, and service, but marine and
power equipment aftermarkets are not strategic markets for Dana.  As a market
leader in marine and power equipment replacement markets, Sierra represents a
tremendous opportunity for the right buyer."
    The proposed sale is consistent with Dana's previously announced Five-
Point Plan for continued growth and increased profitability, and it comes in
response to interest from potential buyers.
    Dana unveiled its Five-Point Plan in April.  The plan, a tactical link to
the company's overall strategic plan, includes the following five tactics:

    -- Grow while focusing on returns and maintaining financial discipline;
    -- Seek strategic, bolt-on acquisitions at reasonable valuations;
    -- Divest non-strategic and non-performing operations;
    -- Repurchase stock as the company generates cash; and
    -- Complete integration efforts and realize synergy savings.

    Dana has retained the Detroit-based investment-banking firm of W. Y.
Campbell & Company to assist in the transaction.
    Dana Corporation is one of the world's largest independent suppliers to
vehicle manufacturers and their related aftermarkets.  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. The company reported sales
of $12.5 billion in 1998. Dana's internet address is http://www.dana.com.