First-Quarter Sales Rise at Garlock Sealing Technologies
Wednesday, May 12, 2010
Garlock Sealing Technologies reported a 17% increase in
sales, including a benefit of 6% from foreign exchange and acquisitions.
Sales in the Garlock businesses improved as activity in
many of Garlock's North American industrial markets increased, but the
businesses' sales also benefited from the acquisitions of Technetics and Wide
Range Elastomers, both of which closed in the fourth quarter of 2009. Stemco's
sales grew as demand increased in both original equipment markets and the
aftermarket. Stemco also benefited from sales of Stemco-Duroline brake
products, which were introduced in the fourth quarter of 2009.
Sealing Products segment EBITDA improved by 36% over the
first quarter of 2009 and EBITDA margins improved by nearly three percentage
points as results in all operations benefited from acquisitions, increased
volumes and favorable pricing. More…