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First-Quarter Sales Rise at Garlock Sealing Technologies

Wednesday, May 12, 2010  
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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…

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