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