Coltec Learns of Lawsuit by AlliedSignal; Coltec States Suit Is Without Merit.CHARLOTTE, N.C.--(BUSINESS WIRE)--Feb. 26, 1999--Coltec Industries Inc (NYSE NYSE See: New York Stock Exchange :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 The U.S. District Court for the Northern District of Indiana was created in 1928 by an act of Congress that split Indiana into two separate districts, northern and southern. . 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 To direct, require, command, or admonish. Enjoin connotes a degree of urgency, as when a court enjoins one party in a lawsuit by ordering the person to do, or refrain from doing, something to prevent permanent loss to the other party or parties. 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 antitrust laws n. acts adopted by Congress to outlaw or restrict business practices considered to be monopolistic or which restrain interstate commerce. The Sherman Antitrust Act of 1890 declared illegal "every contract, combination.... . Kevin J. Ramundo, Coltec's Vice President of Public Affairs Those public information, command information, and community relations activities directed toward both the external and internal publics with interest in the Department of Defense. Also called PA. See also command information; community relations; public information. and Investor Relations Investor relations The process by which the corporation communicates with its investors. , 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 (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , 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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