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Cooper Industries, Standard Motor Products Sign Letter of Intent to Swap Product Lines

22 July 1997

Cooper Industries, Standard Motor Products Sign Letter of Intent to Swap Product Lines

    HOUSTON, July 22 -- Cooper Industries
announced that its Moog Automotive business has signed a letter of intent to
exchange its temperature control product lines for the brake business of
Standard Motor Products, Inc. .
    Completion of the transaction, which will involve an exchange of assets
and cash of equivalent value, is subject to the approval of the boards of
directors of both companies, the signing of a definitive agreement, and
receipt of the necessary government clearances.  The temperature control
business of Cooper Industries' Moog Automotive and the brake business
of Standard Motor Products each had 1996 revenues of approximately
$150 million.
    The temperature control business of Moog Automotive includes motors, air
conditioning compressors, heater cores and associated parts under the Everco,
Murray, Frostemp and Automotive Components brand names.  The brake business of
Standard Motor Parts includes hydraulic and friction products, drums and
rotors and hardware under the EIS, Cali-Blok, Traffic King and TruTech brand
names.
    "This is an outstanding opportunity for Cooper to focus on the product
lines in which we have the greatest level of expertise.  It will also allow us
to achieve significant operating efficiencies and improve the performance of
our automotive business," said H. John Riley, Jr., Chairman, President and
Chief Executive Officer of Cooper Industries.
    Cooper Industries, with 1996 revenues of $5.3 billion, is a diversified,
worldwide manufacturer of electrical products, tools and hardware and
automotive products.  Additional information about Cooper is available on the
 company's World Wide Web site: http://www.cooperindustries.com.

SOURCE  Cooper Industries, Inc.