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Cooper Board Authorizes $500 Million Stock Repurchase Program

5 August 1998

Cooper Board Authorizes $500 Million Stock Repurchase Program

    HOUSTON, Aug. 5 -- Cooper Industries, Inc. today
announced that its Board of Directors has authorized several actions in
preparation for the company's exit from the automotive products business.
    The Board of Directors authorized a new $500 million stock repurchase
program which will be commenced as soon as is practical.  Cooper currently
expects to buy back all of the new $500 million authorization prior to
completion of either a sale or a public offering of the business.
    The Board of Directors also authorized management to proceed with the
registration of up to 19% of the stock of the company's automotive products
business while negotiations with third parties are continuing.
    "After our exit from the automotive business, we will still have ample
resources to make complementary acquisitions and continue to invest in the
growth of our market-leading businesses.  These actions should result in solid
improvements in shareholder value," said H. John Riley, Jr., Chairman,
President and Chief Executive Officer of Cooper Industries.
    Cooper Industries, with 1997 revenues of $5.3 billion, is a diversified,
worldwide manufacturer of electrical products, tools and hardware, and
automotive products.  Additional information about Cooper is available on the
company's World Wide Web site: http://www.cooperindustries.com.