|Toledo, Ohio - Dana Corporation announced that it has signed a
definitive agreement to sell its Commercial Vehicle Cab Systems Group to an affiliate of
Hidden Creek Industries, Inc.
Terms of the transaction, which is subject to regulatory
approval, were not disclosed. The sale is expected to close within the next four weeks.
Commercial Vehicle Cab Systems, which came to Dana through the acquisition of Echlin
Inc., manufactures mirrors and mirror systems, windshield wiper motors, and HVAC controls
for medium- and heavy-duty trucks. Its products are marketed primarily under the Moto
Mirror? and Sprague? brand names. The group had sales of $104 million in 1999 and employs
approximately 580 people at facilities in Canby, Ore.; Canton, N.C.; and Michigan City,
"The sale of this business is consistent with our announcement last June of our
intent to divest non-strategic or non-core operations," said Joe Magliochetti, Dana
president and chief executive officer. "While supporting the divestiture element of
our Five-Point Plan, this sale, when completed, will allow us to progress further on other
elements of our plan, such as share repurchases, debt reduction, and strategic
(March 13, 2000)