Coltec Industries Acquires Remainder of Garlock Bearings.CHARLOTTE, N.C.--(BUSINESS WIRE)--Aug. 20, 1998--Coltec Industries Inc (NYSE NYSE See: New York Stock Exchange :COT) has acquired from Federal-Mogul Corporation the 20% of Garlock Bearings that it did not previously own. The transaction will be accretive to earnings immediately. Coltec has owned 80% of the business since 1976. Garlock Bearings, based in Thorofare, New Jersey Thorofare is an unincorporated area within West Deptford Township in Gloucester County, New Jersey, United States. The area is served as United States Postal Service ZIP Code 08086. , is the leading North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. producer of self-lubricating bearings and has sales of approximately $50 million. These products are used in a broad range of applications including material handling equipment, construction, aerospace, recreational vehicles, trucks, automobiles, mountain bikes and refrigeration refrigeration, process for drawing heat from substances to lower their temperature, often for purposes of preservation. Refrigeration in its modern, portable form also depends on insulating materials that are thin yet effective. compressors. The business has received numerous quality awards from its customers including Supplier of the Year from Emerson Electric's Copeland Compressor compressor, machine that decreases the volume of air or other gas by the application of pressure. Compressor types range from the simple hand pump and the piston-equipped compressor used to inflate tires to machines that use a rotating, bladed element to achieve Division in 1997. Michael J. Burdulis, senior vice president, group operations, of Coltec Industries, said, "This transaction was an excellent opportunity to become the sole owner of Garlock Bearings under very favorable terms for Coltec's shareholders." Coltec Industries is the leading North American producer of landing gear systems and industrial sealing products as well as other highly engineered products for aerospace and other industrial applications.
CONTACT: Coltec Industries, Charlotte
Michael Dunn, 704/423-7060
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