UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________________
Form 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event report): April 26, 1996
Coltec Industries Inc
(Exact name of registrant as specified in its chapter)
Pennsylvania 1-7568 13-1846375
(State or other juris- (Commission (I.R.S. Employer
diction of incorporation) File Number) Identification No.)
430 Park Avenue, New York, New York 10022
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 940-0400
Item 5. Other Events.
On April 26, 1996, the Registrant issued a press release announcing
that Borg-Warner Automotive is to acquire its automotive businesses. A copy of
the Registrant's press release is attached hereto as an exhibit and is
incorporated herein by reference.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
99. Press release, dated April 26, 1996, announcing Borg-Warner
Automotive to acquire automotive businesses from Coltec
Industries.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
COLTEC INDUSTRIES INC
By: Name: Robert J. Tubbs
Title: Senior Vice President
Dated: April 26, 1996
EXHIBIT 99.
BORG-WARNER AUTOMOTIVE TO ACQUIRE AUTOMOTIVE
BUSINESSES FROM COLTEC INDUSTRIES
New York, NY, April 26, 1996 -- Borg-Warner Automotive, Inc. (NYSE:BWA) and
Coltec Industries Inc (NYSE:COT) today announced that they have reached an
agreement for the purchase by Borg-Warner Automotive of the operations and
substantially all of the operating assets of three of Coltec Industries'
automotive OEM businesses: Holley Automotive, Coltec Automotive and
Performance Friction Products. The sale is expected to close in the second
quarter of 1996, subject to regulatory approval and other conditions.
Under the terms of the agreement, Borg-Warner Automotive will pay $283
million in cash for the businesses. These operations reported combined sales
of $255 million in 1995.
"Borg-Warner Automotive's goal over the last two years has been to acquire
businesses that provide a strategic fit with our existing high technology
operations. This is just the type of larger acquisition we've been seeking.
It complements our existing controls business -- the area that is
expected to provide us with our most rapid growth potential -- and is an
excellent opportunity to position Borg-Warner Automotive as a leading global
vehicle air management systems integrator," said Borg-Warner Automotive
chairman and chief executive officer John F. Fiedler.
John W. Guffey, Jr., chairman, president and chief executive officer of
Coltec Industries, said, "This transaction enables Coltec to allocate capital
to growth opportunities and provides us with increased financial flexibility."
Holley Automotive, with a manufacturing facility in Water Valley, Mississippi,
produces air induction systems, and solenoids and actuators for transmission,
braking, suspension and steering systems. Coltec Automotive manufactures
mechanical and electrical air pumps and oil pumps at a plant in Sallisaw,
Oklahoma. Performance Friction Products produces wet friction material and
synchronizers for manual transmissions and transfer cases at a Longview,
Texas facility. These businesses together employ approximately 1,200.
Borg-Warner Automotive will incorporate the new businesses into its Control
Systems operating subsidiary.
Chicago-based Borg-Warner Automotive, Inc. is a leading supplier of highly
engineered components and systems, primarily for automotive drivetrain
applications. The company operates manufacturing facilities in 12 countries
serving the North American, European and Asian automotive markets.
Coltec Industries Inc is a diverse manufacturing company serving aerospace,
automotive and other industrial markets.