CHARLOTTE N.C., Sept. 17 /PRNewswire/ -- This morning, the Board of Directors of Goodrich Corporation (NYSE: GR) approved a program to repurchase up to $300 million of Goodrich common stock to demonstrate the company's confidence in the fundamental attractiveness and value of its businesses. Repurchases under the program may be made from time to time in the open market or in private transactions as permitted under federal securities laws.

In commenting on the Board's actions, David L. Burner, Goodrich's Chairman and Chief Executive Officer, said, "The tragic events of last week and the possible impact on the U.S. stock market as it reopens today warrant a proactive share repurchase program. While our strategy for increasing shareholder value continues to be investing in our businesses for consistent profit growth, the share repurchase program is appropriate in light of current circumstances."

Goodrich is currently reviewing prior financial guidance for 2001 given the potential impact of last week's events on the overall economy and the company. Goodrich will provide updated guidance when the assessment is completed.

With 2000 sales of $4.4 billion, Goodrich Corporation (NYSE: GR) is a leading worldwide supplier of aerospace components, systems and services, as well as engineered industrial products. The company plans to spin off its engineered industrial products business to shareholders in early 2002. Goodrich is ranked by Fortune magazine as one of the "Most Admired" aerospace companies and is included on Forbes magazine's "Platinum List" of America's best big companies. Headquartered in Charlotte, North Carolina, the company employs 23,000 people worldwide. For more information, please visit www.goodrich.com.

(Part of this announcement contains forward-looking statements that involve risks and uncertainties, and actual results could differ materially from those projected in the forward-looking statements. The risks and uncertainties are detailed from time to time in reports filed with the Securities and Exchange Commission, including but not limited to the last section of the Management's Discussion and Analysis entitled "Forward-Looking Information is Subject to Risk and Uncertainty" contained in the company's Annual Report on Form 10-K filed on February 23, 2001.)

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SOURCE Goodrich Corporation
Web site: http: //www.goodrich.com
CONTACT: media, Kevin Ramundo, +1-704-423-7124, or investors, Paul Gifford, +1-704-423-5517, both of Goodrich Corporation