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EnPro Industries Inc. on Friday reported improved third-quarter operating income for Garlock Sealing Technologies LLC despite flat sales.
Garlock, based in Palmyra, Wayne County, is a deconsolidated subsidiary of North Carolina-based EnPro with nearly 600 local employees. In 2010, Garlock filed a voluntary petition to establish a trust to resolve all current and future asbestos claims under the U.S. Bankruptcy Code.
Garlock and its subsidiaries earned $13.3 million before selected items, up from $11.4 million the prior year. Operating income was $11.9 million, up from $9.3 million during the same period last year.
Sales were flat at $52.6 million. Company leaders said cost reductions and improved prices for its products helped operating profits.
Garlock’s financial results are not included in EnPro’s consolidated results of operations during the asbestos claims resolution process, the company said.
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