DANA AND RIKEN FORM EUROPEAN JOINT VENTURES FOR PISTON RINGS.

PR Newswire, London, September 12. This press release is transmitted on behalf of Dana Corporation.

Toledo, Ohio -

Dana Corporation (NYSE: DCN) and Riken Corporation announced today their agreement to form piston ring sales and manufacturing joint ventures in Europe. The joint ventures will offer high-technology solutions to meet the advanced piston ring requirements of global engine platforms for both diesel and gasoline engines.

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"Dana's Perfect Circle and Riken are strong brand names, with complementary product lines and technology," said Dan Moody, vice president of Dana's worldwide engine products group. "Together, we will offer the European market best in class in research and development, manufacturing and distribution."

Kunihiko Oguchi, president of Riken, said, "Riken's and Perfect Circle's engineering capabilities are recognised by our global customers. These joint ventures will have equal ownership of both companies and will provide broad coverage of product lines and technology."

This latest understanding expands the current global relationship between the two companies. Perfect Circle and Riken have worked together for more than 12 years in a joint venture supplying parts to North American OE transplant operations, and Riken has extended a licensing agreement to Perfect Circle in South America for the past two years. In May 2000 the companies agreed to study a global alliance for the development of advanced piston ring technology, and to study the potential for the European joint venture.

Riken Corporation is one of the world's foremost piston ring makers. Founded in 1927 and based in Tokyo, Japan, the corporation employs 4,400 people and has 11 overseas subsidiaries and affiliates. Riken's Internet address is http://www.rikencorp.com.

Dana Corporation is one of the world's largest independent suppliers to vehicle manufacturers and their related aftermarkets. Founded in 1904 and based in Toledo, Ohio, the company operates some 300 major facilities in 34 countries and employs approximately 75,000 people. The company reported sales of US dollars 12.3 billion in 2000. Dana's Internet address is http://www.dana.com.

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