UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________________________
Form 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT of 1934
Date of Report (Date of earliest event reported): May 15, 1998
Coltec Industries Inc
(Exact name of registrant as specified in its charter)
Pennsylvania 1-7568 13-1846375
(State or other juris- (Commission (I.R.S. Employer
diction of incorporation) File Number) Identification No.)
3 Coliseum Centre, 2550 West Tyvola Road, Charlotte, North Carolina 28217
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (704) 423-7000
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Item 5. Other Events.
Attached as an Exhibit to this Report is the Press Release issued by Coltec
Industries Inc (Coltec) on May 15, 1998 which announces the sale of the
capital stock of its Holley Performance Products subsidiary to Kohlberg &
Co., L.L.C., a private merchant banking firm located in Mount Kisco, New
York, for $100 million in cash.
<PAGE>
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
99.1. Attached as an Exhibit to this Report is the Press Release issued by
Coltec Industries Inc (Coltec) on May 15, 1998 which announces the sale of
the capital stock of its Holley Performance Products subsidiary to Kohlberg
& Co., L.L.C., a private merchant banking firm located in Mount Kisco,
New York, for $100 million in cash.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Coltec Industries Inc
/s/Robert J. Tubbs
Date: May 15, 1998 By: Name: Robert J. Tubbs
Title: Executive Vice President
<PAGE>
Exhibit 99.1
Charlotte, NC, May 15, 1998 - Coltec Industries Inc (NYSE:COT) has completed
the sale of the capital stock of its Holley Performance Products subsidiary
to Kohlberg & Co., L.L.C., a private merchant banking firm located in Mount
Kisco, New York, for $100 million in cash.
Holley, with facilities in Bowling Green, Kentucky, and Springfield,
Tennessee, is a leader in the production of performance carburetors, ignition
systems, fuel pumps, fuel-injection systems, intake manifolds, and other
products that enhance the performance of automobile engines. The business had
sales of approximately $100 million in 1997.
John W. Guffey, Jr., chairman and chief executive officer of Coltec
Industries, said, "This transaction completes our exit from the automotive
components industry, and our aerospace and industrial operations now have our
undivided attention. We began focusing all of our resources on our Aerospace
and Industrial Segments in 1996, and the growing opportunities in these arenas
increase our confidence that we will achieve the goals of our Coltec 2000
initiative."
The goals of this strategic initiative are to achieve $2 billion in sales by
the year 2000, while maintaining or improving operating margins.
The proceeds from this sale will be applied toward reducing short-term debt.
Coltec Industries is a diversified manufacturing company serving primarily
aerospace and general industrial markets.
