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FEDERAL-MOGUL SELLS EQUITY INTEREST IN JAPANESE ENGINE BEARING PRODUCER FOR $9.3 MILLION

 SOUTHFIELD, Mich., Sept. 28 /PRNewswire/ -- Federal-Mogul Corporation (NYSE: FMO) announced today that it has sold its equity interest in the Japanese engine bearing manufacturer, Taiho Kogyo Co., Ltd., for $9.3 million. A total of 1,544,400 shares were sold to Taiho's principal shareholders, Toyota Motor Corporation and certain Toyota affiliates. Daiwa Securities Co., Ltd. assisted Federal-Mogul in the transaction.
 "Federal-Mogul has a long-standing relationship with Taiho dating back to the early '60s when we began exchanging technical information," explained Chairman and Chief Executive Dennis J. Gormley. "This relationship has been beneficial to both our company and Taiho throughout the years. The sale of our Taiho shares will not affect the strong business ties between our two companies."
 Headquartered in Southfield, Federal-Mogul is a global distributor and manufacturer of a broad range of precision parts primarily for automobiles, light trucks, heavy trucks, and farm and construction vehicles. The company serves both the aftermarket and the original equipment market providing quality products -- as they are needed -- to customers around the world. Federal-Mogul operates 32 plants, more than 70 distribution centers and four major research centers worldwide.
 -0- 9/28/93
 /CONTACT: Lonnie Ross of Federal-Mogul, 313-354-9934/
 (FMO)


CO: Federal-Mogul Corporation; Taiho Kogyo Co., Ltd. ST: Michigan IN: AUT SU: TNM

JG -- DE010 -- 6358 09/28/93 11:55 EDT
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Publication:PR Newswire
Date:Sep 28, 1993
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