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COLTEC INDUSTRIES TO CLOSE WALBAR PEABODY FACILITY

 NEW YORK, Sept. 2 /PRNewswire/ -- Coltec Industries Inc (NYSE: COT) will close its Walbar Peabody turbine engine components manufacturing facility in Peabody, Mass., and consolidate production of these components at facilities of its Walbar Inc subsidiary in Chandler, Ariz.; Tempe, Ariz; and Mississauga, Ontario.
 The shutdown of the Walbar Peabody manufacturing plant, which employs 93 workers, is scheduled to occur by the 1994 first quarter. John M. Cybulski, senior vice president, aerospace operations, Coltec Industries, said, "This was an extremely difficult decision. The Peabody employees are diligent, enthusiastic and highly productive. However, market conditions and pricing pressures have left us with no alternative."
 The Walbar Metals operation in Peabody, which produces protective coatings for turbine components and repairs turbine components, will remain in Peabody.
 The slowdown of commercial aircraft orders and the reduction in defense spending have reduced the near-term demand for turbine engine components. Consolidation of turbine components will enable Coltec to minimize its operating cost in this business until the aerospace industry revives. Despite this closing, Coltec will have adequate capacity to absorb increased production forecast for the late 1990s.
 Coltec Industries Inc is a New York-based manufacturing company with revenues of approximately $1.4 billion serving aerospace, automotive and other industrial markets.
 -0- 9/2/93
 /CONTACT: Michael Dunn of Coltec, 212-940-0523/
 (COT)


CO: Coltec Industries Inc ST: New York; Massachusetts; Arizona IN: ARO SU:

GK-LG -- NY007 -- 8246 09/02/93 08:33 EDT
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Publication:PR Newswire
Date:Sep 2, 1993
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