Exhibit 99.1




FOR IMMEDIATE RELEASE



Coltec Responds to Crane's Latest Lawsuit


CHARLOTTE, N.C., FRIDAY, MARCH 26, 1999 - In response to the latest lawsuit
by the Crane Company to block its merger with BGGoodrich, Robert J. Tubbs,
Coltec's executive vice president and general counsel, said, "This suit is
nothing more than another baseless attempt by the Crane Company to
interfere with the Coltec-BFGoodrich merger. Like Crane's previous suit,
which was dismissed from the bench both initially and on appeal, this one
is completely without merit." The suit, which was filed today in Federal
District Court for the Northern District of Indiana in South Bend, alleges
potential violations of the antitrust laws arising from the proposed
merger. Crane seeks to join the suit previously filed by AlliedSignal in
the same court.

Tubbs added, "The Crane Company has done everything imaginable to delay a
merger that has been approved by the boards of both companies, passed the
antitrust review of the Department of Defense, and has cleared the
requirements of the Securities and Exchange Commission. Crane's suit, like
AlliedSignal's, alleges that, as competitors, they will be harmed by
competition in the market. The antitrust laws are designed to promote
competition, not protect competitors. This latest suit and the one filed
recently by the attorney general for the state of Indiana are last ditch
efforts to misuse the judicial system to prevent the merger so as to
support the narrow commercial interest of two competitors."

Tubbs also stated that, "The Coltec-BFGoodrich merger is in the best
interests of the stakeholders of both companies including customers which
are supportive of the merger. The merger is also in the best interests of
the aerospace industry, as it will reduce costs in an increasingly
competitive industry."

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

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