Federal-Mogul Agrees to Sell McConnelsville Heavy Wall Bearing Business

Federal-Mogul Announces Agreement to Sell McConnelsville Heavy Wall Bearing Business

FEDERAL-MOGUL LOGO Federal-Mogul Corporation Logo. (PRNewsFoto)[KI] SOUTHFIELD, MI USA 05/25/2000

    SOUTHFIELD, Mich., July 16 Federal-Mogul Corporation
today announced an agreement to sell its industrial heavy wall
bearing operation in McConnelsville, Ohio, to Miba-Bearings - US, LLC, a
subsidiary of Miba AG, a major Austrian industrial bearing manufacturer.  The
sale is subject to regulatory review and certain other conditions, and is
expected to be completed in the third quarter of 2001.  Terms of the
transaction were not disclosed.
    
    The McConnelsville business manufactures full round and half shell journal
bearings for use by the worldwide locomotive industry.  The friction-reducing
bearings are also supplied for large engines, compressors, rolling mills,
aircraft gearboxes and other applications.  The McConnelsville site has 270
employees and had net sales of approximately $33 million in 2000.

    "We have been proud of the employees at McConnelsville since they joined
the Federal-Mogul family as part of an acquisition in 1998 because of their
strong work ethic and quality products, evident in the recent win of the
General Motors Supplier of the Year Award," said Federal-Mogul President and
Chief Operating Officer Chip McClure.  "We are pleased that this fine team
will have an opportunity to further develop the large bearing business, which
is a core activity of Miba.  Miba has extensive experience, highly qualified
employees and an excellent reputation as a partner to leading engine
manufacturers.

    "This sale is part of Federal-Mogul's continuing effort to focus on core
business activities," McClure added.  "Federal-Mogul remains committed to
manufacturing and distributing engine bearings for automotive and heavy-duty
truck applications as part of our core Power Cylinder Systems activities, for
which we are recognized as a global leader."

    Miba AG is a leading development partner and supplier to the international
engine industry based in Laakirchen, Austria.  The company was established in
1947 and has developed into an internationally leading supplier through strict
focus on research and development and the strategy of technology leadership.