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CBE and SMP Make Exchange with Automotive Brake and Temperature Control Businesses

17 December 1997

Cooper and Standard Motor Products to Move Ahead with Exchange of Automotive Brake and Temperature Control Businesses

    HOUSTON, Dec. 17 -- Cooper Industries, Inc. and
Standard Motor Products, Inc. announced today they have learned
the Department of Justice has granted early termination of the Hart-Scott-
Rodino waiting period, thus clearing the way for completion of the exchange of
Standard Motor Products' brake business and Moog's temperature control
business.  The transaction involves an exchange of assets and cash of
equivalent value.  The parties will work toward completion of the transaction,
which requires a definitive agreement.  Closing of the business exchange is
anticipated during the first quarter  of 1998.
    The temperature control business of Cooper Industries' Moog Automotive
Division and the brake business of Standard Motor Products each had 1996
revenues of approximately $150 million.  Moog Automotive's temperature control
business includes motors, air conditioning compressors, heater cores and
associated parts under the Everco, Murray, Frostemp and Automotive Components
brand names.  Standard Motor Products' brake business includes hydraulic and
friction products, drums and rotors and hardware under the EIS, Cali-Blok,
Traffic King and TruTech brand names.
   "This exchange is an excellent opportunity for Cooper to grow product lines
where we have the greatest level of expertise.  It will also allow us to add
value for our shareholders by achieving significant operating efficiencies in
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.