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Federal-Mogul Completes Acquisition of Cooper Automotive

12 October 1998

Federal-Mogul Completes Acquisition of Cooper Automotive

    SOUTHFIELD, Mich., Oct. 9 -- Federal-Mogul Corporation
Chairman and Chief Executive Officer Dick Snell today reported the
auto parts company completed the acquisition of Cooper Automotive, a business
unit of Cooper Industries, Inc., for $1.9 billion.
    "We continue to enhance our position as a leader in the automotive
industry through positive economic value added acquisitions that are on-
strategy," said Snell.
    Funding for the transaction includes $1.6 billion and $350 million of
18-month and eight year facilities, respectively.
    "In the last twelve months, we've raised approximately $1.5 billion of
equity and placed $1 billion of attractive long-term bonds," said Thomas W.
Ryan, executive vice president and chief financial officer, noting the company
has available an unutilized $600 million committed revolving line of credit.
"We expect to continue growing a profitable Federal-Mogul as we have the
financial flexibility as well as the time available to see today's financial
markets improve."
    Headquartered in Southfield, Michigan, Federal-Mogul is a $7 billion
automotive parts manufacturer providing innovative solutions and systems to
global customers in the automotive, light truck, heavy-duty, railroad, farm
and industrial markets.  The company was founded in 1899 and employs 56,000
people.  Visit the company's web site at http://www.federal-mogul.com for more
information.  Federal-Mogul's press releases are available by fax through
Company News On-Call, call 800-758-5804, ext. 306225.