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Dana Corporation Announces Global Restructuring Efforts

21 December 1999

Dana Corporation Announces Global Restructuring Efforts DANA CORPORATION LOGO Dana Corporation logo. (PRNewsFoto)[DM] TOLEDO, OH USA 09/03/1999    

    TOLEDO, Ohio, Dec. 20 -- Dana Corporation
announced today the downsizing of its Structural Products facility in Reading,
Pa., which, as previously discussed with the people there, will result in a
workforce reduction at that facility.  In addition, the company said it would
also be restructuring various smaller operations in South America and Europe
as part of a global effort to improve its asset utilization.
    (Photo:  http://www.newscom.com/cgi-bin/prnh/19990903/DANA )
    This announcement follows the company's statement in October that it would
be considering actions that could result in charges against earnings in the
fourth quarter.
    "The downsizing at Reading is the most significant of the restructuring
actions that will be taken in the fourth quarter.  We now believe, consistent
with our previous announcement, that the total fourth-quarter charges will be
in the range of $150-200 million before taxes," said Joe Magliochetti, Dana
president and CEO.
    "While difficult, these decisions have to be made to improve our
competitiveness in a changing business environment.  By eliminating excess
capacity created by market shifts and by utilizing our assets more
efficiently, we position Dana better for the future."
    Dana Corporation is one of the world's largest independent suppliers to
vehicle manufacturers and the aftermarket. 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 .