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                                                                    EXHIBIT 23.4
 
     As independent public accountants, we hereby consent to the use of our
report included in this Registration Statement and to the incorporation by
reference in this Registration Statement of our report dated February 2, 1998
(except with respect to information discussed in note 20 as to which the date is
April 16, 1998) included in Coltec Industries Inc's Form 10-K for the year ended
December 31, 1997 and to all references to our Firm included in this
Registration Statement.
 
Arthur Andersen LLP
 
Charlotte, North Carolina
   
August 14, 1998