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Laird, the engineering group, has announced a 75% reduction in its 1998 pre-tax profits due to start-up losses at it new US automotive sealing plant and restructuring costs in Germany.
The Β£34.5 million US sealing plant made an operating loss ofΒ£16 million, with the start up losses further compounded by problems in obtaining raw materials from local sources. The group expects the US sealing business to make a further loss this year before moving into profit in the final quarter.
The pre-tax profits of Β£23.7 million also included an exceptional charge of Β£14.3 million for the restructuring costs of its German sealing operations, which resulted in the loss of 350 jobs. However, it is expected to produce Β£5 million in annual savings for the group.
ii" "lllil -Coltec's continued growth
Net earnings in this quarter were US$27 million, a 7.4% increase on the US$25 million achieved last year. Furthermore the company's free cash flow from operations exceeded US$27 million. These results represent the eleventh consecutive quarter showing a double-figure growth in earnings.
However, unfavourable economic conditions in a number of key markets such as oil and gas, pulp and paper, and chemicals affected the sales and profits of the company's industrial segment, which include Garlock Sealing Technologies, Cefilac and Garlock Helicoflex. It sales were down on last years figures, while operating income fell by approximately 5%. Fortunately, the sales and operating income from the company's aerospace segment showed healthy increases.
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She is a past president of the American Taxation Association and has published numerous articles in tax journals.
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