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Federal-Mogul Increases Ownership in Korean Joint Venture

4 March 1998

Federal-Mogul Increases Ownership in Korean Joint Venture

    SOUTHFIELD, Mich., March 4 -- Federal-Mogul Corporation
today announced it has strengthened its position in Asia by
increasing the company's ownership in KFM Bearing Co., Ltd., a joint venture
formed in 1988 with Kukje Special Metal Co., Ltd.  Federal-Mogul increased its
ownership in the joint venture entity from 30% to 87%.
    "KFM Bearing is the leading engine bearing manufacturer in Korea," said
Dick Snell, chairman and chief executive officer.  "We are driven to be the
premier supplier of powertrain systems worldwide.  It's important for us to
have control of our joint ventures globally so we can network our operations
to serve our customers efficiently and with flexibility."
    KFM Bearing in Daejon, Korea, manufactures engine bearings, bushings and
related parts for automotive and other applications.  The joint venture
employs approximately 190 people.
    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