Dana Corporation Announces Global Restructuring Efforts

Toledo, Ohio (PROTEXT) - Dana Corporation (NYSE: DCN)announced today the downsizing of its Structural Productsfacility in Reading, Pa., which, as previously discussed with thepeople there, will result in a workforce reduction at thatfacility. In addition, the company said it would also berestructuring various smaller operations in South America andEurope as part of a global effort to improve its assetutilization. (Photo: http://www.newscom.com/cgi-bin/prnh/19990903/DANA ) This announcement follows the company's statement in Octoberthat it would be considering actions that could result in chargesagainst earnings in the fourth quarter. "The downsizing at Reading is the most significant of therestructuring actions that will be taken in the fourth quarter.We now believe, consistent with our previous announcement, thatthe total fourth-quarter charges will be in the range of $150-200million before taxes," said Joe Magliochetti, Dana president andCEO. "While difficult, these decisions have to be made to improveour competitiveness in a changing business environment. Byeliminating excess capacity created by market shifts and byutilizing our assets more efficiently, we position Dana betterfor the future." Dana Corporation is one of the world's largest independentsuppliers to vehicle manufacturers and the aftermarket. Foundedin 1904 and based in Toledo, Ohio, the company operates some 330major facilities in 32 countries and employs more than 86,000people. The company reported sales of $12.5 billion in 1998.Dana's Internet address is www.dana.com . ots Original TextService: Dana Corporation Internet: http://www.newsaktuell.deContact: Gary Corrigan of Dana Corporation, 419-535-4813 Photo:http://www.newscom.com/cgi-bin/prnh/19990903/DANA Company NewsOn-Call: http://www.prnewswire.com/comp/226839.html or fax, 800-758-5804, ext. 226839 Web site: http://www.dana.com

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