---

Federal-Mogul Completes Sale of Glacier Vandervell Bearings Group

21 December 1998

Federal-Mogul Completes Sale of Glacier Vandervell Bearings Group

    SOUTHFIELD, Mich., Dec. 18 -- Federal-Mogul Corporation's
Chairman and Chief Executive Officer Dick Snell announced today
that the company has completed the sale of the Glacier Vandervell Bearings
Group and the AE Clevite North American non-bearing aftermarket engine hard
parts business to Dana Corporation , for $430 million.  The company
also expects to realize approximately $13 million net proceeds from the
collection of receivables from the businesses sold.  Cash collected will be
used to pay down debt.
    "Completing this required divestiture is very good news for Federal-Mogul
as we can focus our full attention on our continued integration with T&N,"
said Snell.
    When Federal-Mogul acquired T&N plc earlier this year, the company entered
into a Consent Order with the Federal Trade Commission to divest the global
thinwall bearings, polymer bearings and North American thinwall bearings
aftermarket segments, collectively known as the Glacier Vandervell Bearings
Group.  Additionally, Federal-Mogul agreed to sell certain other former T&N
engine hard parts inventories and the corresponding product and customer
information, not including gaskets, to Dana.
    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.  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.