1 Exhibit 99.2 NOTICE OF GUARANTEED DELIVERY OF COLTEC INDUSTRIES INC PURSUANT TO THE PROSPECTUS DATED , 1998 THE EXCHANGE OFFER WILL EXPIRE AT 5:00 P.M. NEW YORK CITY TIME, ON , 1998, UNLESS EXTENDED. TENDERED SECURITIES MAY BE WITHDRAWN AT ANY TIME ON OR PRIOR TO THE EXPIRATION DATE OF THE EXCHANGE OFFER. This form or one substantially equivalent hereto must be used to accept the Exchange Offer of Coltec Industries Inc (the "Company") made pursuant to the Prospectus, dated [ ] , 1997 (the "Prospectus"), if certificates for Outstanding Notes of the Company are not immediately available or if the procedures for book-entry transfer cannot be completed on a timely basis or time will not permit all required documents to reach the Company prior to midnight, New York City time, on the Expiration Date of the Exchange Offer. Such form may be delivered or transmitted by facsimile transmission, mail or hand delivery to Bankers Trust Company (the "Exchange Agent") as set forth below. Capitalized terms not defined herein are defined in the Prospectus. Main Delivery To: Bankers Trust Company, Exchange Agent By Overnight Courier or Hand By Registered or Certified Mail: Delivery: Bankers Trust Company Bankers Trust Company Corporate Trust & Agency Group Corporate Trust & Agency Group Receipt & Delivery Window P.O. Box 1458 123 Washington Street, 1st Floor Church Street Station New York, NY 10006 New York, NY 10008-1458 By Facsimile: (212) 250-6275/3290 (For Eligible Institutions Only) Confirm by Telephone: (212) 250-6270 DELIVERY OF THIS NOTICE OF GUARANTEED DELIVERY TO AN ADDRESS OTHER THAN AS SET FORTH ABOVE OR TRANSMISSION VIA FACSIMILE OTHER THAN AS SET FORTH ABOVE WILL NOT CONSTITUTE A VALID DELIVERY. Ladies and Gentlemen: Upon the terms and conditions set forth in the Prospectus and the accompanying Letter of Transmittal, the undersigned hereby tenders to the Company the principal amount of Outstanding Notes set forth below, pursuant to the guaranteed delivery procedure described in "The Exchange Offer -- Guaranteed Delivery Procedures" section of the Prospectus. 2 3 DESCRIPTION OF OUTSTANDING NOTES - ---------------------------------------------------------------------------------------------------------------------- NAME(S) AND ADDRESS(ES) OF REGISTERED HOLDER(S) (PLEASE FILL IN, IF BLANK) (ATTACH ADDITIONAL SIGNED LIST IF NECESSARY) - ---------------------------------------------------------------------------------------------------------------------- 1 2 3 ------------------------------------------------------------------------------------------ PRINCIPAL AMOUNT OF OUTSTANDING NOTES TENDERED(2) (MUST BE IN TITLE OF SECURITIES AND AGGREGATE PRINCIPAL DENOMINATIONS OF $1,000 OR CERTIFICATE NUMBER(S)(1) AMOUNT OF OUTSTANDING NOTES INTEGRAL MULTIPLES THEREOF) ------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------ TOTAL - ---------------------------------------------------------------------------------------------------------------------- (1) Certificate numbers not required if Outstanding Notes are being tendered by book-entry transfer. (2) Unless otherwise indicated, a holder will be deemed to have tendered ALL of the Outstanding Notes represented in column 2. PLEASE SIGN HERE X ----------------------------------------------------------- ----------------------------------------------------------- X ----------------------------------------------------------- ----------------------------------------------------------- SIGNATURE(S) OF OWNER(S) OR AUTHORIZED SIGNATORY DATE ---------------------------------- AREA CODE AND TELEPHONE NUMBER Must be signed by the registered holder(s) as the name(s) appear(s) on the certificate(s) for the Outstanding Notes or on a security position listing or by any person(s) authorized to become registered holder(s) by endorsements and documents transmitted herewith. If signature is by a trustee, executor, administrator, guardian, attorney-in-fact, officer or other person acting in a fiduciary or representative capacity, please set forth full title. Name(s): ------------------------------------------------------------------------ (Please Type or Print) Capacity: ----------------------------------------------------------------------- Address: ------------------------------------------------------------------------ (Include Zip Code) THE FOLLOWING GUARANTEE MUST BE COMPLETED GUARANTEE OF DELIVERY 3 4 (NOT TO BE USED FOR SIGNATURE GUARANTEE) The undersigned, a financial institution (including most banks, savings and loan associations and brokerage houses) that is a participant in the Securities Transfer Agents Medallion Program, the New York Stock Exchange Medallion Signature Program or the Stock Exchanges Medallion Program, hereby guarantees that the certificates representing the principal amount of Outstanding Notes tendered hereby in proper form for transfer, or timely confirmation of the book-entry transfer of such Outstanding Notes into the Exchange Agent's account at The Depository Trust Company pursuant to the procedures set forth in "The Exchange Offer -- Guaranteed Delivery Procedures" section of the Prospectus, together with one ore more properly completed and duly executed Letters of Transmittal (or facsimile thereof or Agent's Message in lieu thereof) and any required signature guarantee and any other documents required by the Letter of Transmittal, will be received by the Exchange Agent at the address set forth above, no later than three business days after the Expiration Date. ----------------------------------------------------------- ----------------------------------------------------------- Name of Firm Authorized Signature ----------------------------------------------------------- ----------------------------------------------------------- Address Title Name: ----------------------------------------------------------- ------------------------------------------------------ Zip Code (Please Type or Print) Area Code and Tel. No. Date: ------------------------------------------ ------------------------------------------------------ NOTE: DO NOT SEND CERTIFICATES FOR OUTSTANDING NOTES WITH THIS FORM. CERTIFICATES FOR OUTSTANDING NOTES SHOULD ONLY BE SENT WITH YOUR LETTER OF TRANSMITTAL.