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BF Goodrich to Buy Universal Propulsion Company

8 September 1998

BF Goodrich to Buy Universal Propulsion Company, Inflation Technology Leader

                    Acquisition could open door to "new class"
              of shoulder harnesses, seat belts for aircraft, autos

    RICHFIELD, Ohio, Sept. 8 -- The BFGoodrich Company
announced today that it has signed a letter of intent to acquire Universal
Propulsion Company from Carpenter Technology Corporation, further
strengthening BFGoodrich's position in aviation systems and services.  The
purchase price was not disclosed.
    Universal Propulsion (UPCo), based in Phoenix, manufactures energetic
materials systems used to activate ejection seats, airplane evacuation slides
and related products.  Its products are used primarily for automotive and
aircraft safety, and space applications.  UPCo had 1997 revenues of
$24.2 million and employs about 180 people.  Carpenter, headquartered in
Reading, Pennsylvania, is a leading manufacturer of stainless steel, titanium
and other specialty metals, and various engineered products.
    Completion of the transaction, which is structured as a cash-for-stock
deal, is subject to regulatory review and customary closing matters.
BFGoodrich expects it to close within 60 days.  Other terms were not
disclosed.
    Marshall Larsen, BFGoodrich Executive Vice President and President of
BFGoodrich Aerospace, said, "Making UPCo part of BFGoodrich is an important
strategic move that will enhance our existing product lines and technologies,
and strengthen our position in the aircraft evacuation slide market."
BFGoodrich has been a leading manufacturer of emergency evacuation slides for
more than 30 years, Larsen added.
    "Acquiring UPCo and its patented Direct Thermal Inflation (DTI)(TM)
technology will also make possible new safety systems under the BFGoodrich
name.  These new systems will continue our long history of innovation," Larsen
said.  "We see outstanding growth potential in this area."
    In 1997, BFGoodrich and UPCo jointly developed a DTI-based inflatable
passenger restraint system that provides individual restraints for each
passenger in a commercial aircraft.  The new Inflatabelt(TM) can assist
airlines meet stricter Federal Aviation Administration 16-G seat regulations
without having to take the costly step of increasing seat spacing.
    Larsen said DTI could ultimately help BFGoodrich create "a whole new class
of comfortable shoulder harnesses and seat belts" for airplanes and
automobiles.  UPCo already owns the patent on Inflataband(TM) inflatable
shoulder harnesses, and has also developed inflatable seat belts.  Tests have
shown that the Inflataband restraint system provides improved protection over
air bag and seat belt systems at considerably lower cost.
    In addition to its headquarters and manufacturing facility in Phoenix,
UPCo owns the only privately operated sled test track, located at Hurricane
Mesa, Utah.  It allows for the simulation of actual conditions for ejection
seat systems, escape capsules, canopies, hatches and other aircraft components
and systems.  UPCo conducts ejection seat tests at the Hurricane Mesa Test
Track and makes the track available to its aerospace and commercial customers.
    The BFGoodrich Company, based in Richfield, Ohio, is a worldwide leader in
providing aircraft systems and services, and manufacturing performance
materials.  BFGoodrich has 18,000 employees and operations in 11 countries.
Sales for 1998 are expected to be about $4 billion.

    Note:  This press release contains forward-looking statements.  These
forward-looking statements are subject to risks and uncertainties.  Actual
results may differ materially from such forward-looking statements as a result
of risks and uncertainties, including those described in the company's 1997
Form 10-K and other reports filed with the Securities and Exchange Commission.