In the third quarter of 2019, Lydall’s
net sales increased by $7.4 million, or 3.7%, to $205.3 million, compared to $197.9 million in the third quarter of 2018 primarily from the acquisition of Interface Performance Materials (“Interface”), which increased Performance Materials (“PM”) segment net sales by $18.6 million. Organically, PM segment sales declined by 3.9% from lower sealing product sales. The Technical Nonwovens (“TNW”) segment reported organic sales compression of 6.8% primarily from weak demand for industrial filtration products in China, which is being impacted by on-going trade uncertainties. Organic sales growth was 4.2% in the Thermal Acoustical Solutions (“TAS”) segment primarily from increased parts sales in Europe and North America.
Dale G. Barnhart, president and CEO, comments: “Third quarter sales decline 2% organically as on-going global trade tensions drove uncertainty in key markets. Third quarter sales were negatively impacted by a significant drop in demand in China, global weakness in sealing product markets and lower volume due to the strike at General Motors.”