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Standard Motor Products Announces Second Quarter 1998 Dividend

28 July 1998

Standard Motor Products Announces Second Quarter 1998 Dividend, Stock Repurchase and Sale of Fuel Pump Business

    NEW YORK, July 28 -- Standard Motor Products, Inc.
, automotive replacement parts manufacturer and distributor today
announced the Board of Directors has approved payment of a quarterly dividend
of eight cents per share on the common stock outstanding.  The dividend will
be paid on September 1, 1998 to stockholders of record on August 14, 1998.
    The Board of Directors also approved a share repurchase of 100,000 shares
of the Company's common stock.  The shares will be purchased from time to time
in the open market through Goldman Sachs & Co.  The shares will be used to
meet the requirements of the expanded stock option program implemented as part
of the Company's EVA focus.
    Mr. Lawrence Sills, President, said, "The reinstatement of a quarterly
dividend and the stock repurchase reflects the sustainable favorable financial
performance of the Company and the Company's focus on providing shareholder
value.  Additional share repurchases will be considered once our long-term
financial restructuring is completed in the fourth quarter of this year."  He
added, "The prospects for the future look good."
    The Company also announced it has entered into a Letter of Intent to sell
the assets of its fuel pump business to The Pierce Company, Inc., a leading
manufacturer of fuel pumps.  Standard presently distributes its fuel pumps
under the G.P. Sorenson, Hygrade and private label brands.  Closing on the
transaction is targeted for early August 1998, subject to entering into a
definitive Purchase Agreement.
    Mr. Lawrence Sills, said, "The fuel pump business does not fit into
Standard's long-term plans nor meet its EVA targets.  It is best, at this
time, to sell the product line to another company already in the business and
redeploy our assets into higher return products.  The Company is presently
fully reserved against any loss from this divestiture."
    This release contains certain forward-looking statements that involve
risks and uncertainties.  Actual results, events and performance could differ
materially from those contemplated by these forward-looking statements.  Among
the factors that could cause actual results, events and performance to differ
materially are risks and uncertainties discussed in this release and those
detailed from time-to-time in prior public statements and the Company's
filings with the Securities and Exchange Commission, including the Company's
annual report on Form 10-K and the Company's quarterly reports on Form 10-Q.