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 reported): April 14, 1998
Coltec Industries Inc
(Exact name of registrant as specified in its charter)
Pennsylvania 1-7568 13-1846375
(State or other juris- (Commission (I.R.S. Employer
diction of incorporation) File Number) Identification No.)
3 Coliseum Centre, 2550 West Tyvola Road, Charlotte, North Carolina 28217
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (704) 423-7000
Item 5. Other Events.
Attached as an Exhibit to this Report is the Press Release issued by
Coltec Industries Inc ("Coltec") on April 14, 1998 which announces
that Coltec has reached an agreement in principle to sell the capital
stock of its Holley Performance Products subsidary to Kohlberg & Co., L.L.C.
for $100 million in cash.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
99.1. Attached as an Exhibit to this Report is the Press Release issued
by Coltec Industries Inc ("Coltec") on April 14, 1998 which
announces that Coltec has reached an agreement in principle to sell
the capital stock of its Holley Performance Products subsidary to
Kohlberg & Co., L.L.C. for $100 million in cash.
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 hereunto duly authorized.
Coltec Industries Inc
Registrant
/s/ Robert J. Tubbs
Date: April 16, 1998 By: Name: Robert J. Tubbs
Title: Executive Vice President
Exhibit 99.1
COLTEC INDUSTRIES REACHES AGREEMENT
TO SELL HOLLEY PERFORMANCE PRODUCTS
Charlotte, NC, April 14, 1998 - Coltec Industries Inc (NYSE:COT) has
reached an agreement in principle to sell the capital stock of its
Holley Performance Products subsidiary to Kohlberg & Co., L.L.C., a
private merchant banking firm located in Mount Kisco, New York, for $100
million in cash.
The agreement in principle is subject to obtaining requisite governmental
approvals and the negotiation of a definitive agreement. The transaction
is expected to close in May 1998.
Holley, with facilities in Bowling Green, Kentucky, and Springfield,
Tennessee, is a leader in the production of performance carburetors,
ignition systems, fuel pumps, fuel-injection systems, intake manifolds,
and other products that enhance the performance of automobile engines. The
business had sales of approximately $100 million in 1997.
John W. Guffey, Jr., chairman and chief executive officer of Coltec
Industries, said, "This transaction will complete our exit from the
automotive components industry, completing a process that we began in 1996.
We will focus our resources on growing our aerospace and industrial
operations and expect that the expansion of these businesses will enable us
to achieve the goals of our Coltec 2000 initiative. The goals of this
strategic initiative are to achieve $2 billion in sales by the year 2000,
while maintaining or improving our operating margins."
The proceeds from this acquisition will be applied toward reducing short-
term debt. In addition, the transaction will enhance the ability of Coltec
Industries to acquire businesses in the aerospace and industrial sectors.
Coltec Industries is a diversified manufacturing company serving primarily
aerospace and general industrial markets.