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Garlock Sealing sales drop

Rochester Business Journal
July 31, 2014

Second-quarter sales at Garlock Sealing Technologies and its subsidiaries dropped 3 percent due to lower North American demand and decreased intercompany shipments to Eurpean affiliates.

The Palmyra, Wayne County-based company—a deconsolidated subsidiary of North Carolina-based EnPro Industries Inc. — logged sales of $63 million, down from $64.8 million last year.

Adjusted net income was $9.3 million, down 18 percent from $11.3 million during last year’s quarter.

Asbestos-related income was $181.3 million compared with asbestos-related expense of $13.1 million in 2013. The year-over-year change reflects a reduction of $186.3 million in Garlock’s accrued estimate of asbestos-related claims liabilities pursuant to the amended plan of reorganization filed on May 29. It also reflects lower litigation expenses compared with last year’s quarter when preparations for the liability estimation trial were underway. 

The results were deconsolidated June 5, 2010, when Garlock filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy code. The filings were the initial step in a process to reach a permanent resolution of all of Garlock’s current and future asbestos claims.

 (c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.
 

 


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