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BF Goodrich Coltec And Crane Announce Settlement

The BFGoodrich Co., Richfield, Ohio; Coltec Industries Inc., Charlotte, N.C.; and Crane Co., jointly announced that they have settled the remaining claims in a lawsuit that had delayed the merger between BFGoodrich and Coltec (See News, ATI, June 1999).The settlement provides partnering opportunities through June 30, 2009, for Cranes brake control and proximity sensor businesses when BFGoodrich makes integrated landing system bids.The settlement benefits both companies, and we are looking forward to continuing our business relationship with Crane, said Marshall Larsen, BFGoodrich executive vice president and president of BFGoodrich Aerospace.BFGoodrich and Coltec completed their merger, and created a multi-industry company with $6 billion in annual revenues and strong market positions in aerospace systems, performance materials and industrial products. The new company will be headquartered in Charlotte and have 27,000 employees.According to the companies, the value of the transaction is estimated at $2 billion.Coltec shareholders will receive 0.56 shares of BFGoodrich common stock for each share of Coltec common stock and will receive written instructions for exchanging their share certificates. BFGoodrich shareholders will keep their certificates.With the addition of Coltec, BFGoodrich becomes an even stronger company with enhanced opportunitied for consistent profitable growth, building shareholder value, and supplying customers with a broader range of products and services, said David L. Burner, BFGoodrich chairman and CEO.We will move quickly to realize the expected benefits of the merger, including annual cost synergies of $60 million.With the completion of the merger, John W. Guffey Jr., chairman and CEO of Coltec, becomes executive vice president of BF Goodrich and president and chief operating officer of the Industrial Segment.Guffey will also join the BF Goodrich board along with two former Coltec directors, William R. Holland and David I. Margolis.Holland is chairman and CEO of United Dominion Textiles, and Margolis is retired chairman and CEO of Coltec.

August 1999