BUSINESS MEMO: RECORD EARNINGS FOR DANA

Dana Corp., headquartered in Toledo, Ohio, has announced record first-quarter sales and profits, capping a quarter that included the company's two largest acquisitions and largest divestiture, and the establishment of its first operation in Central Europe.

Sales for the quarter were a record $2.12 billion, reflecting a 7 percent increase in sales. International sales were up 9 percent, and U.S. sales were up 6 percent.

Net income increased 18 percent, to $92.6 million. Earnings per share totaled 90 cents, up 15 percent from 78 cents during the first quarter of 1996.

The local Dana facility is the Spicer Axle Division.

During the quarter, Dana acquired the global assets of Clark-Hurth Components, a manufacturer of off-highway vehicle and equipment components. Dana also acquired the piston ring and cylinder liner operations of SPX Corp. The company completed the sale of its warehouse distribution operations in the United Kingdom, Netherlands and Portugal to U.K.-based Partco Group. Dana's Wix Filtration Products Division announced it will establish its first manufacturing plant in Central Europe at Gostyn, Poland.

Dana is a leading global supplier of original equipment components to vehicular, industrial and mobile off-highway markets and their related after-markets.