Posted: Aug. 22, 2008

TOLEDO, Ohio — Dana has reached an agreement to sell its corporate headquarters building and grounds to Health Care REIT, a Toledo-based real estate investment trust, for an undisclosed sum. The sale agreement, which is contingent on the support of state and local authorities, is expected to close by Oct. 1.

In conjunction with the agreement, Dana plans to relocate its corporate headquarters staff to its existing Automotive Systems Technology Center located approximately eight miles away in the Toledo suburb of Maumee, Ohio, by mid-2009.

"The relocation of Dana’s corporate headquarters facility enables us to consolidate our local operations and make the most efficient use of our Toledo-area footprint," said Dana Executive Chairman John Devine. "This move provides Dana with a headquarters facility that more appropriately reflects our company’s profile, while also providing an excellent new home for a respected and growing Toledo-based company."

Under terms of the sale agreement, Dana will vacate its facility located at 4500 Dorr St. facility by September 2009. Dana established its global headquarters at the Dorr Street location in 1970, after spending the previous 40 years at the company’s former Bennett Road complex in north Toledo. Located directly across from Inverness Club golf course, the 200,000-square-foot Georgian Colonial-style building opened in the fall of 1970 and currently houses approximately 175 employees, including the company’s executive leadership and a variety of corporate-based functions such as accounting, finance, law, tax and corporate communications. In 2006, Dana sold its former Dana Commercial Credit headquarters facility located adjacent to the current Dorr St. campus to ProMedica Health System, which utilizes the building as its corporate headquarters.

The technical center facility is located on a 30-acre site near U.S. 23 and Maumee-Western Road southwest of Toledo. The facility opened in the spring of 2004 and currently houses significant engineering, administrative and sales and marketing functions from the company’s light axle, driveshaft and structural products units. The nearly 200,000-square-foot facility includes 90,000 square-feet of design and development space and an additional 80,000 square feet for offices and potential future expansion.

For more information about Dana, visit: http://www.dana.com.