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Board of Directors Authorizes Stock Repurchase Program

23 June 1998

Board of Directors Authorizes Stock Repurchase Program

    DEARBORN, Mich., June 23 -- The Standard Products Company
announced today that its Board of Directors has authorized the
repurchase of up to 5 percent of the Company's outstanding common shares over
the next three years.
    The Company said that shares would be purchased on the open market from
time to time when conditions warrant.  At June 19, 1998, the Company had
16,872,643 common shares outstanding.
    Ron Roudebush, Standard Products vice chairman and chief executive
officer, said, "The Board's action in authorizing the repurchasing of Company
stock is a solid expression of confidence in the long-term growth prospects of
the Company.  Moreover, we are equally confident that we can make these
repurchases without detracting from either the Company's business strategies
or acquisition opportunities," Roudebush concluded.
    Standard Products manufactures sealing, trim and vibration control systems
for the automotive original equipment industry in North and South America and
Europe.  Its Holm Industries subsidiary produces seals for residential and
commercial appliances, doors and windows.  Its Oliver Rubber subsidiary
manufactures tread rubber and equipment for the retread industry.  Information
regarding this release can be found on Standard Products Internet Website at
http://www.standardproducts.com.