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Federal-Mogul Completes Acquisition of Fel-Pro

24 February 1998

Federal-Mogul Completes Acquisition of Fel-Pro

    SOUTHFIELD, Mich., Feb. 24 -- Federal-Mogul Corporation
Chairman and Chief Executive Officer Dick Snell today reported the
auto parts company completed the acquisition of Fel-Pro, a privately-owned
manufacturer headquartered in Skokie, Illinois for $720 million.  The
transaction involved $225 million in common stock and $495 million in cash.
    "This acquisition is another major step towards Federal-Mogul's strategic
goal of developing global automotive systems and modules.  Today marks a new
beginning in the sealing industry as we announce the closure of the sale of
Fel-Pro to Federal-Mogul," said Snell.  "Soon, with the anticipated early
March closure on the T&N acquisition, we will be a $1 billion global sealing
system business inside a $5 billion company.  By uniting our companies, we
will be the premier sealing system supplier with the technology, design and
manufacturing capabilities to deliver superior products and service to our
customers."
    Headquartered in Southfield, Michigan, Federal-Mogul is a global
manufacturer of a broad range of non-discretionary parts primarily for
automobiles, light trucks, heavy trucks, and farm and construction vehicles.
The company was founded in 1899.  Visit the company's web site at
http://www.federal-mogul.com for more information.

SOURCE  Federal-Mogul Corporation