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Cooper Board Authorizes $500 Million Stock Repurchase Program

4 November 1998

Cooper Board Authorizes $500 Million Stock Repurchase Program

    HOUSTON, Nov. 3 -- Cooper Industries, Inc. today
announced its Board of Directors approved an expanded stock repurchase program
that authorizes the purchase of an additional $500 million of the company's
common stock.  This repurchase program builds on the success of a recently
completed $500 million repurchase program Cooper initiated in August.
    Cooper is funding the repurchase program with a portion of the
$1.9 billion in proceeds it received from the sale of its automotive parts
business, completed in October.  The remaining portion of the proceeds was
used for debt repayment and the recently completed stock repurchase program.
    "We continue to believe that our common stock repurchase program provides
an excellent opportunity to increase shareholder value," said H. John Riley,
Jr., Chairman, President and Chief Executive Officer of Cooper Industries.
"In addition, repurchasing our shares and reducing debt positions the company
for greater earnings per share growth in the year ahead."
    By the end of the third quarter, Cooper had reduced its shares outstanding
by 11 percent from year-end 1997 to approximately 107 million shares.  Cooper
plans to make purchases of its stock in the open market or in privately
negotiated transactions as soon as it is practical.
    Cooper Industries, a worldwide manufacturer of electrical products, tools
and hardware, is headquartered in Houston, Texas.  Additional information
about Cooper is available on the company's World Wide Web site:
http://www.cooperindustries.com.