Exhibit 99.1

Media contact:  Rob Jewell (330) 659-7999
Investor contact:  John Bingle (330) 659-7788


BF GOODRICH SHAREHOLDERS OVERWHELMINGLY APPROVE MERGER WITH COLTEC INDUSTRIES

         RICHFIELD, Ohio, April 9, 1999 - Shareholders of The BFGoodrich Company
today overwhelmingly approved a merger with Coltec Industries Inc. Approximately
96 percent of the shares  voted at a special  meeting held in New York City were
in favor of the merger.  Coltec  shareholders also  overwhelmingly  approved the
merger at a similar  meeting held in  Charlotte,  N.C.,  with  approximately  96
percent of the shares voted in favor of the transaction.

         David L. Burner, BFGoodrich chairman and chief executive officer, said,
"We are  bringing  together  two strong,  profitable  companies  with a focus on
providing  innovative  solutions  and  quality  products  to our  customers  and
creating  value for our  shareholders.  This is the beginning of an exciting new
era for our company."

         Completion  of the merger  requires  clearance  from the Federal  Trade
Commission.  Also,  lawsuits  filed by  AlliedSignal  and Crane Company aimed at
blocking the merger are pending in U.S.  District  Court in Indiana.  BFGoodrich
agreed late yesterday,  following  discussions with AlliedSignal,  that it would
not  complete  the merger  until the judge  rules on  motions to dismiss  and to
transfer contract issues to arbitration.

         "The shareholders of BFGoodrich and Coltec have overwhelmingly endorsed
the fact that this merger is in their best interests," Burner said.  "We are now
looking forward to completing the merger as quickly as possible."

         Burner  pointed  out that the merger  combines  two  companies  that in
recent years have achieved  solid  earnings  performance  while  establishing  a
strong platform for future growth,  enhanced  profitability  and the creation of
shareholder value.

         Once the merger is  completed,  Coltec  shareholders  will receive 0.56
shares of BFGoodrich  common stock for each share of Coltec  common stock.  They
will receive  written  instructions  for  exchanging  their share  certificates.
BFGoodrich  shareholders  will  keep  their  certificates.   The  value  of  the
transaction  is  about  $2  billion,  based  on  yesterday's  closing  price  of
BFGoodrich  common stock. The headquarters of the merged company will be located
in Charlotte.

         BFGoodrich, headquartered in Richfield, Ohio, provides aircraft systems
and services and manufactures  performance  materials that are sold to customers
worldwide and used in thousands of consumer and industrial products.

         Coltec is a leading  producer of aerospace and industrial  products and
is headquartered in Charlotte.

          [Part of this announcement  contains  forward-looking  statements that
involve risks and uncertainties, and actual results could differ materially from
those projected in the forward-looking  statements.  The risks and uncertainties
are detailed from time to time in reports filed with the Securities and Exchange
Commission,  including  but not limited to the last section of the  Management's
Discussion and Analysis entitled "Forward-Looking Information is Subject to Risk
and  Uncertainty"  contained in the company's  Annual Report on Form 10-K and in
other filings.]