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Federal-Mogul and Daido Metal Announce Two Joint Ventures

17 June 1998

Federal-Mogul and Daido Metal Announce Two Joint Ventures

    SOUTHFIELD, Mich., June 17 -- Federal-Mogul Corporation
and Daido Metal Co. Ltd. of Japan, today announced an agreement to
form a joint venture for the manufacture and sale of plain bearings for
non-automotive diesel engines.  The joint venture will be called Federal-Mogul
Daido HWB and will manufacture at two current Federal-Mogul manufacturing
facilities in Ilminster, England and Les Mureaux, France.  Federal-Mogul Daido
HWB plans to invest over $4 million in the operations over the next two years.
    "The joint venture brings together two world leading companies with 160
years of combined experience in bearing manufacture," says Alan C. Johnson,
executive vice president, Powertrain Systems.  "We are very pleased to be able
to cement a 40-year relationship between our two companies in this way."
    Federal-Mogul is a world leader in the supply of non-automotive plain
bearings with worldwide manufacturing facilities.  Federal-Mogul and Daido are
the only bearing suppliers able to supply the complete range of plain
bearings.  "Federal-Mogul Daido HWB will be able to service European customers
with a combination of the widest range of product and applications knowledge
and the most modern manufacturing process capability," added Johnson.
    At the same time, both companies announced an agreement to form a joint
venture in Japan for the manufacture and sale of rotating plant bearings.
This joint venture will be developed in two phases.  Phase I will be sales and
marketing activities, to be followed by Phase II, the manufacturing and
distribution of product.
    Headquartered in Southfield, Michigan, Federal-Mogul is a $5 billion
automotive parts manufacturer providing innovative solutions and systems to
global customers in the automotive, light truck, heavy-duty, farm and
industrial markets.  The company was founded in 1899.  For more information on
Federal-Mogul, visit the company's web site at http://www.federal-mogul.com.
Federal-Mogul's press releases are available by fax through Company News
On-Call, call 800-758-5804, ext. 306225.