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BFGOODRICH PLANS TO REDUCE WORK FORCE AS PART OF CONTINUING PROGRAM TO INCREASE COMPETITIVENESS

 AKRON, Ohio, Dec. 16 /PRNewswire/ -- As part of a continuing effort to improve its strategic position and competitiveness, The BFGoodrich Company (NYSE: GR) today announced it will streamline operations by reducing employment early next year by about 380 at 14 locations. The job reductions, involving employees working in the company's Geon Vinyl and Specialty Polymers and Chemicals Divisions, will be accomplished through a combination of a voluntary retirement program and by eliminating positions.
 Expenses associated with the streamlining and cost-reduction effort will result in a one-time charge of $21.5 million (pre-tax), or $14.1 million after tax (55 cents per share), to the company's 1992 earnings. The company will save about $9 million in employment costs in 1993 and $20 million a year in subsequent years.
 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. The division employs about 2,800.
 The Specialty Polymers and Chemicals Division produces high- performance chemical additives and special-purpose plastic materials. Customers use these products in applications that include cosmetics, pharmaceuticals and automotive parts. The division employs about 1,600.
 In addition, the company's Aerospace businesses, which are not involved in today's announcement, supply components and provide services to the aerospace industry.
 Total BFGoodrich employment is about 14,000.
 -0- 12/16/92
 /CONTACT: Rob Jewell (media), 216-374-2999, or Tom Waltermire (investors), 216-374-2556, both of The BFGoodrich Company/
 (GR)


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

BM -- CL001 -- 7555 12/16/92 08:34 EST
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Publication:PR Newswire
Date:Dec 16, 1992
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