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BFGoodrich to Merge with Coltec Industries

Published on 2002-03-27. Author : SpecialChem

The BFGoodrich Company and Coltec Industries announced today a strategic merger that will bring together the two companies, creating a larger company with franchises in aerospace, performance materials, and engineered industrial products. The transaction is expected to be completed by late in the first quarter of 1999 and is subject to approval by the shareholders , appropriate regulatory agencies and other customary conditions.

As part of the merger, it was also announced that The BFGoodrich Company would relocate its headquarters to Charlotte, NC., the location of the current Coltec corporate headquarters. This relocation will affect the current BFGoodrich headquarters in Richfield, OH, which has approximately 130 employees, and the company's aerospace headquarters in Montrose, near Akron, which employs about 40. An undetermined number of these employees will be offered the opportunity to relocate to Charlotte. BFGoodrich's Performance Materials segment will continue to be headquartered in Brecksville.

"The decision to move our corporate and aerospace headquarters out of Northeast Ohio was extremely difficult," said David L. Burner, BFGoodrich chairman and CEO. "Nevertheless, we believe this is the right decision at the right time for our company, our shareholders, and our customers.

The corporate and aerospace headquarters will relocate to North Carolina when the merger closes and will be combined with Coltec headquarters.

BFGoodrich provides aircraft systems and services and manufactures performance materials that are sold to customers worldwide and used in thousands of consumer and industrial products.

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