<%@LANGUAGE="VBSCRIPT"%> ROCKCRAWLER.com - <b><font size="3" face="Arial, Helvetica, sans-serif">DANA CORPORATION COMPLETES SALE OF MR. GASKET AFTERMARKET </font></b>

News Shorts
Back to the News Shorts Page

ROCKCRAWLER
Back to the Features Page

Dana
DANA CORPORATION COMPLETES SALE OF MR. GASKET AFTERMARKET OPERATION


Toledo, OH -- Mar 30, 2001 -- Dana Corporation (NYSE: DCN) announced today that Echlin Inc., a wholly owned subsidiary, has completed the sale of Mr. Gasket, Inc., to Performance Products Industries LLC (PPI) of Brooklyn, Ohio. As a result of the sale, Dana will record an after-tax loss of approximately $13 million (9 cents per share) in the first quarter of 2001. Terms of the transaction were not disclosed.

Dana Automotive Aftermarket President Terry McCormack said the divestiture reinforces Dana. s strategy of focusing on its foundation businesses. . Dana is focused on core operations that manufacture the bulk of what they sell. By the very nature of its business, Mr. Gasket does not fit these criteria. We believe the people of Mr. Gasket will be better served by the opportunity to grow with PPI, which is more strategically aligned with this type of operation..

Mr. Gasket Performance Group reported 2000 sales of $66 million. The group employs 310 people at facilities in Cleveland, Ohio, and Carson City, Nev. The group manufactures and markets high-performance ignition components, fuel pumps, camshafts, rocker arms, and chrome accessories.

Dana Chairman and CEO Joe Magliochetti added, . The decision to sell a recognized and respected product line is never easy. But in the longer term, this move is really about our desire to focus Dana's energies on those businesses and technologies that are more central to our strategy of growth through innovation in Dana's foundation businesses..

Dana Corporation is one of the world's largest suppliers to vehicle manufacturers and their related aftermarkets. Founded in 1904 and based in Toledo, Ohio, the company operates some 300 major facilities in 35 countries and employs more than 75,000 people. The company reported sales of $12.3 billion in 2000. Dana's Internet address is www.dana.com.

For further information, contact:
Dana Corporation
PO Box 1000
Toledo, OH 43697

Phone: (417) 535-4500
www.dana.com