Exhibit 99

COMPANIES ANNOUNCE SETTLEMENT INVOLVING
BF GOODRICH/COLTEC MERGER

RICHFIELD,  OHIO - July 8, 1999 - The  BFGoodrich  Company,  Coltec  Industries,
Inc., and AlliedSignal  Inc. jointly  announced today that they have settled the
AlliedSignal  lawsuit opposing the merger between  BFGoodrich and Coltec.  Judge
Sharp has scheduled a hearing on Monday,  July 12, at 1:30 p.m. to determine how
the Crane Co. lawsuit will proceed and whether the  preliminary  injunction will
continue.
         The  provisions  of the  settlement  include  business  benefits to all
parties.  BFGoodrich agrees to honor Coltec's strategic  marketing alliance with
AlliedSignal  for  jointly  marketing  landing  gear and wheels and brakes  when
integrated  system bids are  requested.  The  strategic  alliance will remain in
effect for the balance of the original ten-year term and appropriate  safeguards
will be implemented to protect confidential information. In addition, BFGoodrich
will become  AlliedSignal's  landing gear supplier whenever AlliedSignal bids an
integrated  system.  Under the settlement  agreement,  AlliedSignal will also be
given the right of first refusal to purchase any material assets for the design,
testing or manufacture of landing gear that BFGoodrich decides to divest.
Other aspects of the settlement were not disclosed.
         BFGoodrich   Executive  Vice  President  and  President  of  BFGoodrich
Aerospace  Marshall Larsen said, "The agreement with AlliedSignal will promote a
continuing relationship that will be beneficial to BFGoodrich,  AlliedSignal and
the aerospace  industry as a whole.  We look forward to the continued  growth of
our wheel and brake and other aerospace businesses."
         AlliedSignal  Aircraft  Landing  Systems  Vice  President  and  General
Manager Carl Montalbine  stated,  "This settlement  agreement protects our wheel
and brakes  business in South Bend by ensuring that  AlliedSignal  has long-term
access  to  landing  gear  and  can  continue  to  serve  as a  landing  systems
integrator.   The  settlement   provides  both   protections  and  new  business
opportunities that will strengthen AlliedSignal's landing systems business."


For more information, contact:

At BFGoodrich:    Rob Jewell (330) 659-7999 (office); (330) 666-0982 (home);
                  John Bingle (330) 659-7788

At Coltec:        Kevin Ramundo (704) 423-7024 (office); (704) 552-5894 (home);
                  (704) 905-7892 (cell phone)

At AlliedSignal:  Tom Crane (973) 455-4732





July 8, 1999