Morcott was elected chairman of Dana in 1990 and served as chief executive officer from 1989 to 1999. During his tenure, he guided the company through the worst recession since World War II while keeping the company profitable and maintaining the dividend -- which has not been missed or reduced since 1936.

Under his leadership, Dana has more than doubled in size from a company with less than $5 billion in sales to a company expecting sales of more than $13 billion in 1999. The company has reported record sales each year since 1993 and record profits every year since 1992. In the 1990s, the company's sales have had a compound annual growth rate of more than 12 percent on a non- pooled basis. Net income, likewise, has experienced a compound annual growth rate of 59 percent, on a non-pooled basis, since the 1991 recession.

Since Morcott was named chairman, the company has completed about 50 acquisitions and joint ventures. Recent major acquisitions include those of the former Echlin Inc.; the Glacier Vandervell and Clevite businesses from Federal-Mogul Corporation; the heavy axle and brake operations of Eaton Corporation; Clark-Hurth Components, a division of the Ingersoll-Rand Company; and the Sealed Power Division of SPX Corporation. Morcott has also led the company through a strategic transformation in which it focused on core businesses, selling non-strategic or under-performing businesses with annual sales of some $2 billion since 1997. Morcott's strategic direction has moved the company from a components supplier to a systems supplier to a supplier of integrated systems. The most dramatic examples of this are the Rolling Chassis(TM) module Dana manufactures for DaimlerChrysler in Brazil and the full chassis systems Dana assembles for Mack Trucks, Inc., and Western Star Trucks Inc.

Recognized as the 1998 Automotive Industry Leader of the Year, Morcott's service on behalf of the automotive industry extends beyond his work at Dana. He was a founding member and the first co-chairman of the Automotive-Supplier Government Action Council, where he worked with other industry leaders on important issues such as passage of NAFTA and the opposition to higher CAFE standards. He has also worked on behalf of the industry as chairman of the board of trustees of the Manufacturers' Alliance, as a member of the U.S.- Japan Business Council, and as a member of the U.S. Business Roundtable. Morcott also serves as a member of the boards of directors of CSX Corporation; Johnson Controls, Inc.; and Phelps Dodge Corporation.

* Sales up 57% to $3.0 billion
* Earnings per share up 81% to $0.58
* Awarded Peugeot seating contract
* Awarded electronic distribution contracts for 2 North American programs
* IndustryWeek Magazine selects Lear as one of "The World's 100 Best Managed Companies"

Net income for the quarter ended October 2, 1999 increased 82 percent to $39.3 million, or $.58 per share, compared with earnings of $21.6 million, or $.32 per share, last year. Operating income for the third quarter of 1999 increased 120 percent to $151.7 million, from $69.1 million in the third quarter of 1998. Net sales for the third quarter of 1999 rose approximately 57 percent to $3.0 billion from $1.9 billion last year. The increase was primarily attributable to both incremental revenues from Lear's recent acquisitions, as well as internal growth.

Geographically, approximately 26 percent of the current quarter's $1.1 billion sales increase was attributable to Lear's operations outside of the U.S. and Canada. 1999 third quarter sales in Europe increased 45 percent to $920 million, while sales in other world regions increased 3 percent to $211 million. U.S. and Canadian sales in the 1999 third quarter rose 73 percent to over $1.9 billion.

Net income for the nine months ended October 2, 1999 increased 22 percent to $164.4 million, or $2.42 per share, compared with earnings of $134.6 million, or $1.97 per share, last year. Operating income for the first nine months of 1999 advanced 45 percent to $462.9 million, from $319.4 million in last year's comparable period. Net sales for the nine months ended October 2, 1999 rose 46 percent to $9.0 billion from $6.2 billion in last year's comparable period. The increase was primarily attributable to incremental revenues from Lear's recent acquisitions, as well as internal growth.

Geographically, approximately 30 percent of the sales increase for the first nine months of 1999 was attributable to Lear's operations outside of the U.S. and Canada. For the first nine months of 1999, European sales increased 45 percent to $2.8 billion, while sales in other world regions decreased approximately 5 percent to $575 million, primarily due to the weak economic situation in South America. U.S. and Canadian sales for the first nine months of 1999 increased approximately 54 percent to $5.6 billion.

Meritor Chairman and Chief Executive, Larry D. Yost said: "Today's action is part of our balanced global growth strategy that emphasizes an ongoing review of existing businesses; organic growth through increased content per vehicle; and expansion through acquisitions, joint ventures, marketing alliances and technological advances. These strategies will better position us to both outperform our competitors in meeting the needs of our diverse, global customer base, and enhance shareowner value. Meritor will continue to strengthen and grow its businesses -- LVS, Heavy Vehicle Systems and Aftermarket -- to ensure balance and diversity in our product offering, customer base and geographic presence, all which dampen the effect of industry cyclicality."

Meritor's seat adjusting systems operations, with fiscal 1999 sales of approximately $130 million, develops and supplies the industry's leading seat makers with manual and two-, four- and six-way powered seat adjusting systems. The business employs approximately 500 people at plants in Bracebridge, Ontario, Canada, and Gordonsville, Tenn. Dura Automotive Systems makes driver control systems, engineered components and cable-related products for automakers around the globe.

Over the next five years, Visteon and Mitsuboshi will jointly develop components such as instrument panels that can be integrated into Visteon's superintegrated cockpit modules. The partnership offers Visteon a regional manufacturing base from which to ship the highly integrated modules to Japanese and other Asia-Pacific vehicle manufacturers.

Visteon recently announced it had acquired Duck Yang Industry Co., Ltd., and instrument panel manufacturers in South Korea, with similar intentions. Mistuboshi's components will be manufactured at plants in Nagoya and Kanagawa Prefecture. The Chemical and Automotive Components Divisions of Mitsuboshi Belt operates the plants. Visteon will integrate the Mitsuboshi components into its cockpit modules before shipping them to customers.

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