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 15, 2001 (except for Note 8, as to
which the date is March 28,  2001) 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, 2000.

                                            Ernst & Young LLP

Stamford, Connecticut
March 29, 2001