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Coltec Industries Inc                                  Contact:  Kevin Ramundo
3 Coliseum Centre                                      Phone:    (704) 423-7024
2550 West Tyvola Road                                  Fax:      (704) 423-7127
Charlotte, North Carolina  28217
www.coltecindustries.com

FOR IMMEDIATE RELEASE

                    COLTEC LEARNS OF LAWSUIT BY ALLIEDSIGNAL;
                      COLTEC STATES SUIT IS WITHOUT MERIT

Charlotte, N.C., February 26, 1999 - Coltec Industries Inc (NYSE:COT) stated
today that it intends to vigorously defend the lawsuit filed today against it
and BFGoodrich by AlliedSignal in the United States District Court for the
Northern District of Indiana. Coltec believes the lawsuit is without merit and
that it will not prevent its pending merger transaction with BFGoodrich. Through
the lawsuit, AlliedSignal seeks to enjoin the merger transaction between Coltec
and BFGoodrich, alleging that the merger with BFGoodrich would violate a
long-term contract between AlliedSignal and Coltec and would violate the U.S.
antitrust laws.

Kevin J. Ramundo, Coltec's Vice President of Public Affairs and Investor
Relations, stated, "We believe that AlliedSignal's lawsuit is completely
baseless. This is another example of a company that has its own narrow self
interest in mind and is trying to block a promising merger that is supported by
customers and will be in the best interest of the company's stockholders and
other of its constituencies."

Coltec's Chairman and CEO, John W. Guffey, Jr., stated, "Coltec is committed to
see the transaction with BFGoodrich through to its conclusion, and the
combination of Coltec and BFGoodrich is compelling not only for our shareholders
but also for the customers of both our companies and other constituencies."

The pending merger between Coltec and BFGoodrich remains subject to the
satisfaction of certain conditions including Coltec and BFGoodrich shareholder
approval and clearance from the U.S. antitrust authorities. As previously
disclosed, the U.S. antitrust authorities had requested additional information
from Coltec and BFGoodrich as part of a second request for information. The
companies have been working closely with the U.S. antitrust authorities and
remain hopeful of a prompt and favorable resolution of any outstanding concerns
of those authorities.

Coltec Industries is a leading producer of aerospace and industrial products and
is headquartered in Charlotte, NC.

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