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Federal-Mogul Files Amended 1996 Annual Report on Form 10-K

18 August 1997

Federal-Mogul Files Amended 1996 Annual Report on Form 10-K

    SOUTHFIELD, Mich., Aug. 18 -- Federal-Mogul Corporation
has restated the previously issued 1996, 1995 and 1994 financial
statements for certain charges recorded in 1996.
    The restatement does not affect the company's balance sheet at
December 31, 1996.  The following summarizes the net effect of the
adjustments:

    ($ Millions)              Net Earnings (Loss)
                         As Reported      As Restated
        1996               $(211.1)        $(206.3)
        1995                  (9.7)           (5.8)
        1994                  63.3            59.7

    An Amended 10-K for the year ended December 31, 1996 containing the
restated annual and quarterly financial information was filed today with the
Securities and Exchange Commission.
    Headquartered in Southfield, Michigan, Federal-Mogul is a $2 billion
global manufacturer and distributor of a broad range of non-discretionary
parts primarily for automobiles, light trucks, heavy trucks, and farm and
construction vehicles.  Visit the company's web site at
 http://www.federal-mogul.com for more information on Federal-Mogul.

SOURCE  Federal-Mogul Corporation