Dana Corporation Increases Stake in Japanese Sealing Venture

Dana Corporation Increases Stake in Japanese Sealing Venture



TOLEDO, Ohio, Oct. 21  /PRNewswire-FirstCall/ -- Dana Corporation (NYSE:DCN)
announced today that it has increased its ownership stake in Nippon Reinz Co.,
Ltd., a Japanese sealing products producer.  Dana now owns 53.7 percent of the
venture; it had previously owned 26.3 percent.  Mitsubishi Cable Industries,
which had owned 73.7 percent of the business, will retain a 46.3 percent share.

(Logo: http://www.newscom.com/cgi-bin/prnh/19990903/DANA )

Founded in 1967, Nippon Reinz manufactures gaskets, thermal and acoustical
protective shields, and wire mesh filters for exhaust and safety system
components, such as airbag inflator tubes and exhaust systems.  The business
has annual sales of approximately $50 million and employs approximately 220
people.  The facility is located in Yamato City in the Kanagawa Prefecture of
Japan.

"This transaction not only improves Dana's efforts to compete more effectively
in the global engine market, but it also strengthens our support for our
Japanese customers in their home country," said Dana Chairman and CEO Michael
J. Burns.  "More than one-third of light vehicles produced globally are
Japanese-designed, and the development teams behind these vehicles' engines are
also based solely in Japan."

With this move, Nippon Reinz becomes Dana's first fully consolidated
manufacturing entity in Japan.  Dana's operations in this country also include
a technical center in Toyohashi, minority-owned driveshaft manufacturing and
distribution facilities, and sales offices in partnership with GETRAG and
Najico Spicer.  Dana also has affiliations with other Japanese manufacturers,
such as Daido, Riken, and Nitta Moore, throughout the world.

Mike Laisure, president of Dana's Automotive Systems Group, said, "In addition
to manufacturing for the Japanese and export markets, Nippon Reinz is a
technology liaison to Dana's global sealing products operations.  Looking
ahead, Nippon Reinz will play a key role in the development of fuel-cell
components for Japanese customers, and Dana's future research and development
initiatives in the Asia-Pacific region will be supported by Nippon Reinz."

Dana Corporation is a global leader in the design, engineering, and manufacture
of value-added products and systems for automotive, commercial, and off-highway
vehicles.  Delivering on a century of innovation, the company's continuing
operations employ approximately 45,000 people worldwide dedicated to advancing
the science of mobility.  Founded in 1904 and based in Toledo, Ohio, Dana
operates technology, manufacturing, and customer-service facilities in 30
countries.  Sales from continuing operations totaled $7.9 billion in 2003. 
Dana's Internet site is http://www.dana.com/ . 

http://www.newscom.com/cgi-bin/prnh/19990903/DANA

http://photoarchive.ap.org/

DATASOURCE: Dana Corporation



CONTACT:  Gary Corrigan of Dana, [phone], or

 



Web site:  http://www.dana.com/ 



Company News On-Call:  http://www.prnewswire.com/comp/226839.html 

Copyright