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Coltec, owner of Garlock Sealing Technologies, has announced financial results for the fourth quarter of 1996.
Coltec sales for the period rose 20% to $359 million, from $298.3 million in the fourth quarter in 1996. Operating income for the same quarter increased by 12 per cent, to $54.9 million. For 1997, earnings from continuing operations increased by 74%, to $94.9 million and sales rose by 13% to $1.31 billion.
Operating income in the Industrial Segment, which contains Coltec's seals businesses, increased by 4% in the 1997 fourth quarter, as sales rose by 11%. Coltec has begun integrating the AM1 sealing business acquired from Dana Corp into its Garlock Sealing Technologies Division. It says it has also continued to invest in Garlock's infrastructure as it further expands the business in global markets.
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Any value stemming from the shift to competition should not come at the expense of residential or lower-income consumers. Residential services must be offered for transition, short-term emergency, and long-term standard requirements, the latter at reasonable and standard rates. Jerrold Oppenheim Jer