Exhibit 23

                         Consent of Independent Auditors



We consent to the incorporation by reference in the Registration Statement (Form
S-8 No.  333-30735)  pertaining to the Farrel  Corporation 1997 Employees' Stock
Purchase  Plan of our  reports  dated  February  1,  2002  with  respect  to the
consolidated financial statements and schedule of Farrel Corporation included in
the Annual Report on Form 10-K for the year ended December 31, 2001.


                                             Ernst & Young LLP

Stamford, Connecticut
March 25, 2002