Garlock Mechanical Packing intends to acquire metallic gasket operation.

PALMYRA, N.Y.--(BUSINESS WIRE)--Nov. 1, 1995--Garlock Mechanical Packing has agreed in principle to acquire the assets of the metallic gasket business based in Houston, Texas, from Furon Company (NYSE:FCY). Garlock Mechanical Packing, based in Palmyra, New York, is a division of Coltec Industries' (NYSE:COT) Garlock Inc subsidiary.

Garlock and Furon have signed a letter of intent regarding this proposed transaction, which is scheduled to close by the end of the year. The metallic gasket operation engineers and manufactures gaskets for high-temperature applications, primarily as replacement components in the chemical processing industry.

Michael J. Burdulis, president of Garlock Mechanical Packing, noted, "This acquisition, if completed, would complement our existing line of sealing products."

J. Michael Hagan, chairman and chief executive officer of Furon, said, "At this time Garlock, with its extensive U.S. and international sales force, is better equipped to fully develop the maintenance and repair market segment for high-temperature gaskets." Coltec Industries Inc is a New York-based manufacturing company serving aerospace, automotive and other industrial markets.

Furon is the world's leader in engineered polymer components for the industrial marketplace. The company serves five key markets: industrial process, transportation, electronics, healthcare and industrial equipment.

CONTACT: Coltec Industries Inc.

Michael Dunn, [phone]