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FTC CLEARS WAY FOR FEDERAL-MOGUL TO CLOSE ON PURCHASE OF SPX REPLACEMENT BUSINESS

 SOUTHFIELD, Mich., Oct. 18 /PRNewswire/ -- Federal-Mogul Corporation (NYSE: FMO) and SPX Corporation (NYSE: SPW) today announced that the waiting period for the Federal Trade Commission's review under the Hart- Scott-Rodino Act expired with respect to Federal-Mogul's planned purchase of SPX's automotive aftermarket operations, Sealed Power Replacement and Sealed Power Canada. This clears the way for the closing of the purchase which is scheduled for early next week.
 Under the terms of the Purchase Agreement, Federal-Mogul will become the distributor of engine and chassis parts sold under the Sealed Power and Speed-Pro brand names in North America.
 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- 10/18/93
 /CONTACT: Lonnie Ross of Federal-Mogul, 313-354-9934/
 (FMO SPW)


CO: Federal-Mogul Corporation; SPX Corporation ST: Michigan IN: AUT SU: TNM

ML -- DE032 -- 3523 10/18/93 15:48 EDT
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Publication:PR Newswire
Date:Oct 18, 1993
Words:195
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