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Dana Completes Sale of Commercial Vehicle Cab Systems Group

4 April 2000

Dana Completes Sale of Commercial Vehicle Cab Systems Group DANA CORPORATION LOGO Dana Corporation logo. (PRNewsFoto)[DM] TOLEDO, OH USA 09/03/1999    

    TOLEDO, Ohio, April 3 Dana Corporation
announced today that it has completed the sale of its Commercial Vehicle Cab
Systems Group to an affiliate of Hidden Creek Industries. The sale of this
non-core business will result in a one-time gain of approximately $25 million
after tax.
    (Photo:  http://www.newscom.com/cgi-bin/prnh/19990903/DANA )
    Commercial Vehicle Cab Systems, which came to Dana through the acquisition
of Echlin Inc. in 1998, manufactures mirrors and mirror systems, windshield
wiper motors, and HVAC controls for medium- and heavy-duty trucks. Its
products are marketed primarily under the Moto Mirror(TM) and Sprague(TM)
brand names. The group had sales of $104 million in 1999 and employs
approximately 580 people at facilities in Canby, Ore.; Canton, N.C.; and
Michigan City, Ind.
    The sale is consistent with Dana's previously announced Five-Point Plan,
which is a tactical link to the company's overall strategic plan.  The Five-
Point Plan provides elements for continued growth and increased profitability.
The 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 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 320 major facilities in
33 countries and employs more than 82,000 people. The company reported sales
of $13.2 billion in 1999. Dana's Internet address is http://www.dana.com.