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BF GOODRICH FORMS WHOLLY OWNED SUBSIDIARY; REGISTRATION STATEMENT TO BE FILED FOR INITIAL PUBLIC OFFERING

 AKRON, Ohio, Feb. 17 /PRNewswire/ -- The BFGoodrich Company (NYSE: GR) today announced that it will establish as of March 1 its Geon Vinyl Division as a separate wholly owned subsidiary company called The Geon Company. Goodrich also announced that The Geon Company is filing today a registration statement with the Securities and Exchange Commission relating to the initial public offering of shares of Geon common stock.
 In its filing with the Securities and Exchange Commission, The Geon Company indicates that approximately 50 percent of the common stock of Geon held by BFGoodrich will be offered to the public, if market conditions are favorable. Goodrich at some later time may decide to sell all or a portion of the remaining shares of common stock that it will still own following the completion of the initial public offering.
 Depending on market conditions, Goodrich expects to receive, before distribution expenses and taxes, in the range of $270 to $310 million from the initial public offering of approximately 50 percent of the shares of The Geon Company common stock. In addition, Goodrich will receive approximately $200 million in a special distribution from The Geon Company shortly before the completion of the initial public offering. Also, about $30 million of Goodrich's existing debt directly relating to assets of the Geon Vinyl Division will be assumed by The Geon Company.
 "We are continuing to transform BFGoodrich into a successful provider of specialty products and services, and we will use the proceeds to expand our specialty chemicals and aerospace business," John D. Ong, BFGoodrich chairman and chief executive officer, said.
 The Geon Vinyl Division produces vinyl resins and compounds that are sold to customers for a variety of applications, including construction products, business machine components and appliance parts. Headquartered in Independence, Ohio, Geon operates 14 manufacturing facilities in the United States, Canada and Australia and currently employs about 2,500.
 The BFGoodrich Company, headquartered in Bath, Ohio, manufactures a wide range of specialty chemicals and is one of the world's leading providers of advanced aerospace systems, components and services. Virtually every airplane flying in the world today can be equipped or serviced by BFGoodrich Aerospace. BFG specialty chemicals are used in such products as pharmaceuticals, printing and textile inks, sealants, fire sprinkler piping systems, automotive parts, adhesives and specialty coatings for building maintenance and construction. Sales from BFG's aerospace and specialty chemicals businesses during 1992 were $1.6 billion. BFGoodrich employs about 10,700, excluding Geon employees.
 Note: A registration statement relating to these securities will be filed today with the Securities and Exchange Commission. The registration statement has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 -0- 2/17/93
 /CONTACT: Rob Jewell (media), 216-374-2999; or Tom Waltermire (investor), 216-374-2556; both of The BFGoodrich Company/
 (GR)


CO: The BFGoodrich Company ST: Ohio IN: CHM SU:

KK -- CL002 -- 7138 02/17/93 08:34 EST
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Publication:PR Newswire
Date:Feb 17, 1993
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