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BFGoodrich to Sell Performance Materials Business



agreed to sell its Performance Materials business for about $1.4 billion to an investor group led by

AEA Investors


Goodrich, which said the sale will complete its transformation into an aerospace and industrial products company, will receive $1.2 billion in cash and $200 million in debt securities.

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The company, which is based in Charlotte, N.C., expects revenue of $4.4 billion in 2000, and full-year earnings from continuing operations of about $2.91 a share, excluding items. Analysts expect the company to earn $3.30 a share for 2000, according to

First Call/Thomson Financial

, but that estimate includes results from the Performance Materials business.

Shares of BFGoodrich were recently trading up $2.88, or 8.5%, to $36.81 in

New York Stock Exchange

composite trading.