Coltec receives $12 Million Engine Order; Has Options for Additional Orders Worth $110 Million.

CHARLOTTE, N.C.--(BUSINESS WIRE)--Jan. 21, 1999--Coltec Industries (NYSE:COT) has received an order valued in excess of $12 million for four engines that will propel the second ship in the U.S. Navy's LPD (Landing Platform Dock) program.

Coltec has options valued at more than $110 million for additional propulsion engines scheduled to be built through the year 2006, if funding to build additional ships is approved. Coltec was awarded a contract for propulsion engines for the initial LPD ship last year.

The four Colt-Pielstick PC2.5 diesel engines, each capable of generating 10,400 horsepower, will propel the second ship in the LPD class. The four engines are scheduled for delivery to Avondale Industries, Inc., the New Orleans-based shipbuilder, in 2000 and will be built at Coltec's Fairbanks Morse Engine Division. Warren Martin, president of Fairbanks Morse, said, "This order extends our long heritage of supplying reliable, efficient propulsion systems to the U.S. Navy."

Coltec Industries is a leading producer of landing gear, industrial sealing systems, and other highly engineered aerospace and industrial products. The Fairbanks Morse Engine Division manufactures heavy-duty diesel, gas and dual-fuel engines for marine propulsion, the oil and gas industry, and for stationary and marine power generation.