Dana Announces Agreement To Sell Australian Truckline Parts Centres

Toledo, Ohio (PROTEXT) - Dana Corporation (NYSE: DCN) todayannounced an agreement to sell its Australian Truckline PartsCentres business to International Trucks Australia Pty Limited, asubsidiary of Italian truck manufacturer Iveco SpA, for anundisclosed sum. Completion of the sale is expected to occurduring the first quarter of 2000. With sales of $36 million (AU $55 million) in 1998, TrucklineParts Centres is Australia's largest independent specialistdistributor of heavy- duty parts. The business consists of anationwide company-owned and -operated network of 24 retailoutlets across Australia, as well as 13 driveline repair andremanufacturing facilities. The operations employ 190 people. "This transaction reinforces Dana's on-going commitment toincrease shareholder value by further focusing our operationsthrough the divestiture of non-strategic businesses," said JoeMagliochetti, Dana president and CEO. "This is our fourthdivestiture this year, demonstrating Dana's resolve to implementour Five-Point Plan." Rick Clayton, president of Dana's Heavy Truck Group, said, "Weare very pleased with the agreement we have reached. The sale ofthis operation fits our strategic plan and allows us toconcentrate on growing our core businesses in the region." Gerry Turek, managing director of Dana Australia, said, "Danahas a long and valued relationship with Iveco. I am pleased thatour Truckline people will be with a company where they will haveadditional opportunities for growth and success." The sale is consistent with Dana's previously announced Five-Point Plan, which is a tactical link to the company's overallstrategic plan. The Five- Point Plan provides elements forcontinued growth and increased profitability. The plan includes the following five tactics: * Grow while focusing on returns and maintaining financialdiscipline; * Seek strategic, bolt-on acquisitions at reasonablevaluations; * 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 independentsuppliers to vehicle manufacturers and their relatedaftermarkets. Founded in 1904, and based in Toledo, Ohio, thecompany operates some 330 major facilities in 32 countries andemploys more than 86,000 people. The company reported sales of$12.5 billion in 1998. Dana's Internet address is www.dana.com .ots Original Text Service: Dana Corporation Internet:http://www.newsaktuell.de Contact: Mr. Gary Corrigan, VicePresident Dana Corporate Communications (USA) 419-535-4813,gary.corrigan@dana.com Asia-Pacific Contact: Mr. Doug Hodge,Vice President - Finance Dana Asia-Pacific 852-2521-8542,doug.hodge@dana.com Australia Contact: Mr. Gerry Turek,Managing Director Dana Australia Pty Ltd 03-9213 5555,gerry.turek@dana.com Company News On-Call:http://www.prnewswire.com/comp/226839.html or fax, 800-758-5804,ext. 226839 Web site: http://www.dana.com

Subscribers please note that material bearing the slug"PROTEXT" is not part of CTK's news service and is not to bepublished under the "CTK" slug. Protext is a commercial serviceproviding distribution of press releases from clients, who areidentified in the text of Protext reports and who bear fullresponsibility for their contents.

PROTEXT