Document 5k6EBrDdaDOn6Dkzvx3OywwV8

/.__ Garlock NEWS RELEA 1-26-73 First Quarter Dividend Action Rochester, New York, January 26 - - - Garlock Inc.'s board of directors today declared a $.21 quarterly dividend, payable February 20 to shareholders of record February 6. This $.21 dividend is a continuation of the dividend rate raised on November 20 from $.20 a share. This $.21 dividend represents the 387th unbroken cash dividend since Garlock was incorporated in 1905. From 1905 to 1929, when Garlock became a publicly owned corporation, 213 consecu tive and supplemental cash dividends were paid, mostly on a monthly basis. Since 1929, 173 consecutive quarterly cash dividends have been paid, and the February 20 payment will be the 174th. Garlock,headquartered in Rochester, New York, manufactures in dustrial seals and other engineered components with 25 plants in Belgium, Canada, France, Great Britain, Japan, Mexico and the United States. Sales are in 83 countries. " ### From: Douglass M. Barnes 716/232-1400 GARLOCK INC. EXECUTIVE OFFICES / 1250 MIDTOWN TOWER, ROCHESTER, NEW YORK 14604 (716)232-1400 Fiscal Year Ended; Net Sales Income Before Taxes on Income Taxes on Income Net Income Per Share Average Shares Outstanding December 31 1972 December 26 1971 $ 105,159,000 8.076.000 3.563.000 4.513.000 $1.90 2.380.000 $ 87,650,000 6.803.000 2.878.000 3.925.000 $1.72 2.277.000 From: Douglass M. Barnes 716/232-1400 Page 2 of 2 GARLOCK INC. EXECUTIVE OFFICES/1250 MIDTOWN TOWER, ROCHESTER, NEW YORK 14604 (716) 232-1400 Garlock NEWS . RELEA m 2/23/73 1972 FISCAL YEAR SALES AND EARNINGS Rochester, New York, February 23 - - - With sales exceeding $100 million for the first time, Garlock Inc., the Rochester-based manufacturer of industrial seals and components, today reported record sales and earn ings for the fiscal year ended December 31, 1972. This represents the twelfth consecutive year of record earnings. Net income increased 15% to $4,513,000 from $3,925,000 on a 20% sales increase to $105,159,000 compared to $87,650,000 a year ago. Earnings per share increased 10% in 1972 to $1.90 from $1.72, despite a 5% increase in the average shares outstanding to 2,380,000 from 2,277,000 in the prior year. The change in shares resulted mostly from a 1972 acquisition. "Activity in the fourth quarter was at an all-time high," said A. J. McMullen, Garlock's chairman. "Sales were up 29% while net income rose 22% and earnings per share 23%, over the comparable 1971 period. The figures were $29,464,000? $1,375,000 and $.58 respectively." Mr. McMullen added, "I am also glad to note that the accelerated business pace in the fourth quarter appears to be carrying over into 1973." Page 1 of 2 GARLOCK INC. EXECUTIVE OFFICES/1250 MIDTOWN TOWER, ROCHESTER. NEWYORK 14604 17161232-1400 graduate of Harvard College and Harvard Law School. With his wife, the former Pamela B. Knight, a native of Rochester, New York, Mr. Hanke now resides in Pittsford, New York. The Hanke children are: Timothy (14), Maria (10), Nora (8), and Jennifer _(2) . Garlock, with headquarters in Rochester, New York, manufactures -- seals -and components for industrial customers--in 83 countries. Production facilities are now located in Australia, England, Belgium, France, Spain, Mexico, Japan and Canada as well as in_the United States Garlock recently reported sales of $105 million for fiscal 1972. Earnings set a record for the twelfth consecutive year. For further information, contact: Douglass M. Barnes or Peter S. Hanke (716) 232-1400 Page 2 of 2 GARLOCK INC. EXECUTIVE OFFICES/1250 MIDTOWN TOWER, ROCHESTER, NEW YORK 14604 (716) 232-1400 Garlock NEWS RELE/ cis nn 3/21/73 Alsdorf Retires Hanke Elected General Counsel Rochester, New York, March 21 - -- -- Garlock Inc. today announced that James R. Alsdorf has retired as vice president and general counsel after 32 years of service, and that Peter S. Hanke has been elected general counsel. Mr. Hanke is also the corporate secretary. Mr. Alsdorf joined Garlock in 1940 as a staff attorney, and was promoted to- corporate- -secretary- and general counsel in 1960 and vice president in 1969. Before Garlock, he was with Graflex Inc. in Rochester and The Hanover Bank in New York City. He is a native of Mt. Vernon, Ohio, and a graduate of Wesleyan University. Upon retiring from Garlock, Mr. Alsdorf was appointed town justice in Palmyra, New York, where he resides with his wife, the former Norma Lockwood of Boonville, New York. The Alsdorfs have two children: Susan R. Alsdorf and Stephen B. Alsdorf. Mr. Hanke joined Garlock in April 1972 as assistant general counsel, and was promoted to secretary in July 1972. Prior to Garlock, he was secretary and corporate counsel at Standard International Corporation in Andover, Mass. Earlier he was in various legal capacities with two other industrial companies and the Navy Department. Mr. Hanke is a Page 1 of 2 GARLOCK INC. EXECUTIVE OFFICES/1250 MIDTOWN TOWER. ROCHESTER, NEW YORK 14604 1716) 232-1400 Garlock, with headquarters in Rochester, New York, manufactures seals and components for industrial customers in more than 80 countries. Garlock recently reported sales of $105 million for fiscal 1972. -Earnings set a record for.the twelfth consecutive year. .-- For further information, contact: Douglass M. Barnes or ; Peter S. Hanke at (716) 232-1400 Page 2 of 2 GARLOCK INC. EXECUTIVE OFFICES/1250 MIDTOWN TOWER, ROCHESTER, NEW YORK 14604 (716) 232-1400 Retting Elected Assistant Secretary Rochester, New York, April 9 - - - Garlock Inc.'s board of directors has elected Harold D. Retting, 48, assistant secretary and assistant counsel, reporting to Peter S. Hanke, corporate secretary and general counsel. From 1952 until joining Garlock in February 1973, Mr. Retting was an attorney with Westinghouse Air Brake Company in Pittsburgh, Pa. He is a member of the bar of the U.S. Supreme Court, the U.S. Court of Appeals and District Court in Washington, D.C., the New York State Supreme Court and the Pennsylvania State Supreme Court. Born in New York City, Mr. Retting graduated with a B.S. degree in engineering law from Purdue University and with an LLB degree from Indiana University, following service as a U.S. Naval officer in WW II. Married to the former Elaine Sugarman of Delaware, he has three children: Tina, Rhonda, and Walter. The family has purchased a home in Brighton, N.Y., and will be moving there this Spring. Mr. Retting is a past president of the Pittsburgh Chapter of the American Society for Industrial Security and a former trustee of the Wilmerding (Pa.) YMCA. Page 1 of 2 GARLOCK INC. EXECUTIVE OFFICES/1250 MIDTOWN TOWER. ROCHESTER. NEW YORK 14604 1716) 232-1400 4-11-73 ROCHESTER ANALYST MEETING Rochester, New York, April 11 - - - At today's luncheon meeting of the Rochester Society of Security Analysts, Garlock Inc.'s president, Ben H. Cook, announced first quarter sales of $32.1 million compared to $23.9 in the 1972 first quarter, a 33% increase. "Earnings should show a substantial increase over 1972's first quarter," Mr. Cook noted, but the company will not know the magnitude of earnings until the end of this month. Mr. Cook also reiterated Garlock's sales objective of 15% average com pounded annual growth rate, each year during the first half of the 1970's. Garlock's chairman of the board, A. J. McMullen, had made this projection in October, 1971. Among the other items included in Mr. Cook's prepared remarks was the news that Garlock will soon publish a catalogue offering a substantial number of oil seals in metric sizes. This move is believed to be the first of its kind by an industrial seal company. Financial vice president John J. Grady told analysts that Garlock had recently completed the refinancing of its short-term debt which, he said, should provide adequate capital for the projected growth in 1973. From: Douglass M. Barnes 716/232-1400 GARLOCK INC. EXECUTIVE OFFICES/1250 MIDTOWN TOWER, ROCHESTER. NEW YORK 14604 (716) 232-1400 oarlock NEWS M RELEASE CIS FILE 4-24-73 ALLING-LANDER ` DIVESTITURE Rochester, New York, April 24 - - - Garlock Inc. and Robbins & Myers, Inc. have reached an agreement in principle for Robbins & Myers to purchase the major assets of Garlock's Ailing-Lander Division in Sodus, New York, for an undisclosed amount of cash. The agreement was jointly announced by Ben H. Cook, president of Garlock, and Fred G. Wall, president of Robbins & Myers. The definitive agreement, which is being negotiated, is expected to include the lease to Robbins & Myers of the Ailing-Lander buildings and land. Ailing-Lander is a leading manufacturer of speed reducers and custom gears for manufacturers of original equipment. According to Garlock's Mr. Cook, "Since acquiring Ailing-Lander in 1968, Garlock has been unable to acquire other mechanical power transmission businesses to form an economically viable base for future growth." He added that the sale of the division will have no material effect on future Garlock sales or earnings. Robbins & Myers' president, Fred G. Wall, stated, "The acquisition of Ailing-Lander directly complements the gear motor products of our New England Gear Division. This new gear line, combined with those offered by New England Gear and the Electric Motor Division, Page 1 of 2 GARLOCK INC. EXECUTIVE OFFICES/1250 MIDTOWN TOWER. ROCHESTER, NEW YORK 14604 (716)232-1400 4-25-73 SECOND QUARTER DIVIDEND DECLARED Rochester, New York, April 25 - - - At this morning's meeting of the Board of Directors, the regular $.21 dividend was declared, payable May 18 to common shareholders of record May 4. This afternoon at 2 pm the Annual Meeting of Shareholders will be held in the basement auditorium of the Marine Midland Bank Rochester's headquarters. Garlock manufactures and sells engineered industrial components, including mechanical packings for pumps, rubber belts and rollers for office copying equipment, hub seals for trucks and truck trailers, and valves for waste treatment systems. The company is headquartered in Rochester, New York, with plants, distributors and sales offices located internationally. ### For information: Douglass M. Barnes (716) 232-1400 GARLOCK INC. EXECUTIVE OFFICES/1250 MIDTOWN TOWER, ROCHESTER. NEW YORK 14604 .'716)232-1400 'oarlock NEWS * RELEASE 4-25-73 CIS Fill 1ST QUARTER EARNINGS AT ANNUAL MEETING Rochester, New York, April 25 - - - Garlock Inc. shareholders at their annual meeting here today heard chairman and chief executive A. J. McMullen announce a 42% increase in net income on a 33% in crease in sales for the first quarter ended April 1, 1973. Net income was $1,411,000 in the 1973 period, compared to $994,000 in 1972, while earnings per share were $.59 in 1973 and $.42 in 1972, based on 2,377,000 and 2,384,000 average shares outstanding. "We have not reflected in our first quarter income any foreign currency revaluation gains," Mr. McMullen emphasized. First quarter sales were $31,707,000 this year and $23,924,000 last year, as was announced April 11 to the Rochester Society of Security Analysts. "Garlock's business picked up significantly in the fourth quarter of 1972 and these levels have continued into 1973," said Ben H. Cook, president and chief operating officer. "Both our sales to original equipment manufacturers and to replace ment markets have been strong. Normally during an economic upturn the sales to original equipment manufacturers generally grow more rapidly than the replacement market," Mr. Cook noted. Page 1 of 2 GARLOCK INC. EXECUTIVE OFFICES/1250 MIDTOWN TOWER, ROCHESTER. NEW YORK 14604 1716)232-1400 Oarlock K RLE 4-26-73 Abell Elected Rochester, New York, April 26 - - - John N. Abell, an investment banker with Wood Gundy Limited in Toronto, was elected to Garlock Inc.'s board of directors at the board's organization meeting fol lowing the company's annual meeting of shareholders. "John Abell brings multi-national financing experience to Garlock's board," said Garlock board chairman, A. J. McMullen, "and because of Garlock's increasing overseas development, we welcome his advice at future board meetings." Mr. Abell joined Wood Gundy in 1955 as a trainee in Vancouver, became money market manager in Toronto in 1957, international managing director in 1962, president of the New York subsidiary and director and vice president of the parent company since 1966. He is currently a director of W. H. Smith (Canada) Ltd. and the West India Co. of Merchant Bankers Ltd. He is also a member of the Investment Dealers Association (U.S.A.) and the Investment Bankers Association (U.S.A.). Born in Kent, England, Mr. Abell is a graduate of Marlborough College (secondary school) and Oxford University, where he re ceived B.A. and M.A. degrees. He has served in the British army Page 1 of 2 GARLOCK INC. EXECUTIVE OFFICES / 1250 MIDTOWN TOWER, ROCHESTER, NEW YORK 14604 < 716' 232-1400 oarlock NEWS RELEA CiS 4-11-73 ROCHESTER ANALYST MEETING Rochester, New York, April 11 - - - At today's luncheon meeting of the Rochester Society of Security Analysts, Garlock Inc.'s president, Ben H. Cook, announced first quarter sales of $32.1 million compared to $23.9 in the 1972 first quarter, a 33% increase. "Earnings should show a substantial increase over 1972's first quarter," Mr. Cook noted, but the company will not know the magnitude of earnings until the end of this month. Mr. Cook also reiterated Garlock's sales objective of 15% average com pounded annual growth rate, each year during the first half of the 1970's Garlock's chairman of the board, A. J. McMullen, had made this projection in October, 1971. Among the other items included in Mr. Cook's prepared remarks was the news that Garlock will soon publish a catalogue offering a substantial number of oil seals in metric sizes. This move is believed to be the first of its kind by an industrial seal company. Financial vice president John J. Grady told analysts that Garlock had recently completed the refinancing of its short-term debt which, he said, should provide adequate capital for the projected growth in 1973. From: Douglass M. Barnes 716/232-1400 GARLOCK INC. EXECUTIVE OFFICES/1250 MIDTOWN TOWER. ROCHESTER. NEW YORK 14604 17161 232-1400 oarlock NEWS * RELEASE CIS FILE 4-24-73 ALLING-LANDER DIVESTITURE Rochester, New York, April 24 - - - Garlock Inc. and Robbins & Myers, Inc. have reached an agreement in principle for Robbins & Myers to purchase the major assets of Garlock's Ailing-Lander Division in Sodus, New York, for an undisclosed amount of cash. The agreement was jointly announced by Ben H. Cook, president of Garlock, and Fred G. Wall, president of Robbins & Myers. The definitive agreement, which is being negotiated, is expected to include the lease to Robbins & Myers of the Ailing-Lander buildings and land. Ailing-Lander is a leading manufacturer of speed reducers and custom gears for manufacturers of original equipment. According to Garlock's Mr. Cook, "Since acquiring Ailing-Lander in 1968, Garlock has been unable to acquire other mechanical power transmission businesses to form an economically viable base for future growth." He added that the sale of the division will have no material effect on future Garlock sales or earnings. Robbins & Myers' president, Fred G. Wall, stated, "The acquisition of Ailing-Lander directly complements the gear motor products of our New England Gear Division. This new gear line, combined with those offered by New England Gear and the Electric Motor Division, Page 1 of 2 GARLOCK INC. EXECUTIVE OFFICES/1250 MIDTOWN TOWER, ROCHESTER. NEW YORK 14604 (716)232-1400 oarlock NEWS RELEA 4-25-73 SECOND QUARTER DIVIDEND DECLARED Rochester, New York, April 25 - - - At this morning's meeting of the Board of Directors, the regular $.21 dividend was declared, payable May 18 to common shareholders of record May 4. This afternoon at 2 pm the Annual Meeting of Shareholders will be held in the basement auditorium of the Marine Midland Bank Rochester's headquarters. Garlock manufactures and sells engineered industrial components, including mechanical packings for pumps, rubber belts and rollers for office copying equipment, hub seals for trucks and truck trailers, and valves for waste treatment systems. The company is headquartered in Rochester, New York, with plants, distributors and sales offices located internationally. ### For information: Douglass M. Barnes (716) 232-1400 GARLOCK INC. EXECUTIVE OFFICES/1250 MIDTOWN TOWER, ROCHESTER, NEW YORK 14604 i 716) 232-1400 NEWS RELEA 6-1-73 ALLING-LANDER SALE COMPLETED Rochester, New York, June 1, - - - Garlock Inc. today completed the sale of the assets of its Ailing-Lander Division in Sodus, New York, to Robbins & Myers, Inc., of Springfield, Ohio. Employment at the Ailing Division now exceeds 100 and all of these employees will be transferred to the Robbins & Myers payroll as of June 3, 1973. Mr. John E. Brennan, vice president of Garlock, indicated that the arrangement made with Robbins & Myers fully protects the Pension and Thrift Plan interests of the employees of Ailing-Lander. Although Garlock does not disclose the magnitude of each individual Division's sales and operating profits, Mr. Brennan, the Garlock vice president who negotiated the agreement for Garlock, said that "This divestiture will have no material impact on Garlock's sales or earnings." William C. Dengler, now division president of Ailing-Lander, will be transferred to the Garlock headquarters in Rochester and will report directly to Ben H. Cook, Garlock's president and chief operating officer. Page 1 of 2 GARLOCK INC. EXECUTIVE OFFICES/1250 MIDTOWN TOWER. ROCHESTER. NEW YORK 14604 (716)232-1400 6-1-73 ALLING-LANDER SALE COMPLETED Rochester, New York, June 1, - - - Garlock Inc. today completed the sale of the assets of its Ailing-Lander Division in Sodus, New York, to Robbins & Myers, Inc., of Springfield, Ohio. Employment at the Ailing Division now exceeds 100 and all of these employees will be transferred to the Robbins & Myers payroll as of June 3, 1973. Mr. John E. Brennan, vice president of Garlock, indicated that the arrangement made with Robbins & Myers fully protects the Pension and Thrift Plan interests of the employees of Ailing-Lander. Although Garlock does not disclose the magnitude of each individual Division's sales and operating profits, Mr. Brennan, the Garlock vice president who negotiated the agreement for Garlock, said that "This divestiture will have no material impact on Garlock's sales or earnings." William C. Dengler, now division president of Ailing-Lander, will be transferred to the Garlock headquarters in Rochester and will report directly to Ben H. Cook, Garlock's president and chief operating officer. Page 1 of 2 GARLOCK INC. EXECUTIVE OFFICES/1250 MIDTOWN TOWER, ROCHESTER. NEW YORK 14604 (716)232-1400 CB HIE 1-26-73 First Quarter Dividend Action Rochester, New York, January 26 - - - Garlock Inc.'s board of directors today declared a $.21 quarterly dividend, payable February 20 to shareholders of record February 6. This $.21 dividend is a continuation of the dividend rate raised on November 20 from $.20 a share. This $.21 dividend represents the 387th unbroken cash dividend since Garlock was incorporated in 1905. From 1905 to 1929, when Garlock became a publicly owned corporation, 213 consecu tive and supplemental cash dividends were paid, mostly on a monthly basis. Since 1929, 173 consecutive quarterly cash dividends have been paid, and the February 20 payment will be the 174th. Garlock,headquartered in Rochester, New York, manufactures in dustrial seals and other engineered components with 25 plants in Belgium, Canada, France, Great Britain, Japan, Mexico and the United States. Sales are in 83 countries. ### From: Douglass M. Barnes 716/232-1400 GARLOCK INC. EXECUTIVE OFFICES/1250 MIDTOWN TOWER, ROCHESTER. NEW YORK 14604 '716) 2 32-1400 Fiscal Year Ended: Net Sales Income Before Taxes on Income Taxes on Income Net Income Per Share Average Shares Outstanding December 31 1972 December 26 1971 $ 105,159,000 8.076.000 3.563.000 4.513.000 $1.90 2.380.000 $ 87,650,000 6.803.000 2.878.000 3.925.000 $1.72 2.277.000 From: Douglass M. Barnes 716/232-1400 Page 2 of 2 GARLOCK INC. EXECUTIVE OFFICES/1250 MIDTOWN TOWER, ROCHESTER, NEW YORK 14604 (716) 232-1400 Garlock NEWS RELEA CIS 2/23/73 1972 FISCAL YEAR SALES AND EARNINGS Rochester, New York, February 23 - - - With sales exceeding $100 million for the first time, Garlock Inc., the Rochester-based manufacturer of industrial seals and components, today reported record sales and earn ings for the fiscal year ended December 31, 1972. This represents the twelfth consecutive year of record earnings. Net income increased 15% to $4,513,000 from $3,925,000 on a 20% sales increase to $105,159,000 compared to $87,650,000 a year ago. Earnings per share increased 10% in 1972 to $1.90 from $1.72, despite a 5% increase in the average shares outstanding to 2,380,000 from 2,277,000 in the prior year. The change in shares resulted mostly from a 1972 acquisition. "Activity in the fourth quarter was at an all-time high," said A. J. McMullen, Garlock's chairman. "Sales were up 29% while net income rose 22% and earnings per share 23%, over the comparable 1971 period. The figures were $29,464,000; $1,375,000 and $.58 respectively." Mr. McMullen added, "I am also glad to note that the accelerated business pace in the fourth quarter appears to be carrying over into 1973." Page 1 of 2 GARLOCK INC. EXECUTIVE OFFICES/1250 MIDTOWN TOWER. ROCHESTER, NEW YORK 14604 1716' 232-1400 graduate of Harvard College and Harvard Law School. With his wife, the former Pamela B. Knight, a native of Rochester, New York, Mr. Hanke now resides in Pittsford, New York. The Hanke children are: Timothy (14), Maria (10), Nora (8), and Jennifer__(2_) . Garlock, with headquarters in Rochester, New York, manufactures -- seals-and^components for industrial customers--in 83 countries. _ Production facilities are now located in Australia, England, Belgium, France, Spain, Mexico, Japan and Canada as well as infhe United States Garlock recently reported sales of $105 million for fiscal 1972. Earnings set a record for the twelfth consecutive year. For further information, contact: Douglass M. Barnes or Peter S. Hanke (716) 232-1400 Page 2 of 2 GARLOCK INC. EXECUTIVE OFFICES/1250 MIDTOWN TOWER. ROCHESTER, NEW YORK 14604 (716) 232-1400 OS FHf 3/21/73 Alsdorf Retires Hanke Elected General Counsel Rochester, New York,'March 21 - - - Garlock Inc. today announced that James R. Alsdorf has retired as vice president and general counsel after 32 years of service, and that Peter S. Hanke has been elected general counsel. Mr. Hanke is also the corporate secretary. Mr. Alsdorf joined Garlock in 1940 as a staff attorney, and was promoted to~ corporate- -secretary and general counsel in 1960 and........... vice president in 1969. Before Garlock, he was with Graflex Inc. in Rochester and The Hanover Bank in New York City. He is a native of Mt. Vernon, Ohio, and a graduate of Wesleyan University. Upon retiring from Garlock, Mr. Alsdorf was appointed town justice in Palmyra, New York, where he resides with his wife, the former Norma Lockwood of Boonville, New York. The Alsdorfs have two children: Susan R. Alsdorf and Stephen B. Alsdorf. Mr. Hanke joined Garlock in April 1972 as assistant general counsel, and was promoted to secretary in July 1972. Prior to Garlock, he was secretary and corporate counsel at Standard International Corporation in Andover, Mass. Earlier he was in various legal capacities with two other industrial companies and the Navy Department. Mr. Hanke is a Page 1 of 2 GARLOCK INC. EXECUTIVE OFFICES/1250 MIDTOWN TOWER. ROCHESTER, NEW YORK 14604 >716)232-1400 Garlock, with headquarters in Rochester, New York, manufactures seals and components for industrial customers in more than 80 countries. Garlock recently reported sales of $105 million for fiscal 1972. Earnings set a record for.the twelfth consecutive year. . For further information, contact: Douglass M. Barnes or ; Peter S. Hanke at (716) 232-1400 Page 2 of 2 GARLOCK INC. EXECUTIVE OFFICES/1250 MIDTOWN TOWER, ROCHESTER, NEW YORK 14604 (716) 232-1400 Retting Elected Assistant Secretary Rochester, New York, April 9 - - - Garlock Inc.'s board of directors has elected Harold D. Retting, 48, assistant secretary and assistant counsel, reporting to Peter S. Hanke, corporate secretary and general counsel. From 1952 until joining Garlock in February 1973, Mr. Retting was an attorney with Westinghouse Air Brake Company in Pittsburgh, Pa. He is a member of the bar of the U.S. Supreme Court, the U.S. Court of Appeals and District Court in Washington, D.C., the New York State Supreme Court and the Pennsylvania State Supreme Court. Born in New York City, Mr. Retting graduated with a B.S. degree in engineering law from Purdue University and with an lt.b degree from Indiana University, following service as a U.S. Naval officer in WW II. Married to the former Elaine Sugarman of Delaware, he has three children: Tina, Rhonda, and Walter. The family has purchased a home in Brighton, N.Y., and will be moving there this Spring. Mr- Retting is a past president of the Pittsburgh Chapter of the American Society for Industrial Security and a former trustee of the Wilmerding (Pa.) YMCA. Page 1 of 2 GARLOCK INC. EXECUTIVE OFFICES 71250 MIDTOWN TOWER. ROCHESTER, NEW YORK 14604 (716)232-1400 NEWS RELEA: 4-11-73 CiS rlLE ROCHESTER ANALYST MEETING Rochester, New York, April 11 - - - At today's luncheon meeting of the Rochester Society of Security Analysts, Garlock Inc.'s president, Ben H. Cook, announced first quarter sales of $32.1 million compared to $23.9 in the 1972 first quarter, a 33% increase. "Earnings should show a substantial increase over 1972's first quarter," Mr. cook noted, but the company will not know the magnitude of earnings until the end of this month. Mr. Cook also reiterated Garlock's sales objective of 15% average com pounded annual growth rate, each year during the first half of the 1970's. Garlock's chairman of the board, A. J. McMullen, had made this projection in October, 1971. Among the other items included in Mr. Cook's prepared remarks was the news that Garlock will soon publish a catalogue offering a substantial number of oil seals in metric sizes. This move is believed to be the first of its kind by an industrial seal company. Financial vice president John J. Grady told analysts that Garlock had recently completed the refinancing of its short-term debt which, he said, should provide adequate capital for the projected growth in 1973. From: Douglass M. Barnes 716/232-1400 GARLOCK INC. EXECUTIVE OFFICES / 1250 MIDTOWN TOWER, ROCHESTER, NEW YORK 14604 1716)232-1400 oarlock NEWS J| RELEA# CiS FILE 4-24-73 ALLING-LANDER DIVESTITURE Rochester, New York, April 24 - - - Garlock Inc. and Robbins & Myers, Inc. have reached an agreement in principle for Robbins & Myers to purchase the major assets of Garlock's Ailing-Lander Division in Sodus, New York, for an undisclosed amount of cash. The agreement was jointly announced by Ben H. Cook, president of Garlock, and Fred G. Wall, president of Robbins & Myers. The definitive agreement, which is being negotiated, is expected to include the lease to Robbins & Myers of the Ailing-Lander buildings and land. Ailing-Lander is a leading manufacturer of speed reducers and custom gears for manufacturers of original equipment. According to Garlock's Mr. Cook, "Since acquiring Ailing-Lander in 1968, Garlock has been unable to acquire other mechanical power transmission businesses to form an economically viable base for future growth." He added that the sale of the division will have no material effect on future Garlock sales or earnings. Robbins & Myers' president, Fred G. Wall, stated, "The acquisition of Ailing-Lander directly complements the gear motor products of our New England Gear Division. This new gear line, combined with those offered by New England Gear and the Electric Motor Division, Page 1 of 2 GARLOCK INC. EXECUTIVE OFFICES/1250 MIDTOWN TOWER, ROCHESTER. NEW YORK 14604 (716)232-1400 oarlock NEWS RELEA 4-25-73 SOf HfU SECOND QUARTER DIVIDEND DECLARED Rochester, New York, April 25 - - - At this morning's meeting of the Board of Directors, the regular $.21 dividend was declared, payable May 18 to common shareholders of record May 4. This afternoon at 2 pm the Annual Meeting of Shareholders will be held in the basement auditorium of the Marine Midland Bank Rochester's headquarters. Garlock manufactures and sells engineered industrial components, including mechanical packings for pumps, rubber belts and rollers for office copying equipment, hub seals for trucks and truck trailers, and valves for waste treatment systems. The company is headquartered in Rochester, New York, with plants, distributors and sales offices located internationally. ### For information: Douglass M. Barnes (716) 232-1400 GARLOCK INC. EXECUTIVE OFFICES / 1250 MIDTCWN TOWER, ROCHESTER, NEW YORK 14604 ' 7161 232-1400 r\ NEWS RELEA 4-25-73 CiS FIE 1ST QUARTER EARNINGS AT ANNUAL MEETING Rochester, New York, April 25 - - - Garlock Inc. shareholders at their annual meeting here today heard chairman and chief executive A. J. McMullen announce a 42% increase in net income on a 33% in crease in sales for the first quarter ended April 1, 1973. Net income was $1,411,000 in the 1973 period, compared to $994,000 in 1972, while earnings per share were $.59 in 1973 and $.42 in 1972, based on 2,377,000 and 2,384,000 average shares outstanding. "We have not reflected in our first quarter income any foreign currency revaluation gains," Mr. McMullen emphasized. First quarter sales were $31,707,000 this year and $23,924,000 last year, as was announced April 11 to the Rochester Society of Security Analysts. "Garlock's business picked up significantly in the fourth quarter of 1972 and these levels have continued into 1973," said Ben H. Cook, president and chief operating officer. "Both our sales to original equipment manufacturers and to replace ment markets have been strong. Normally during an economic upturn the sales to original equipment manufacturers generally grow more rapidly than the replacement market," Mr. Cook noted. Page 1 of 2 GARLOCK INC. EXECUTIVE OFFICES/ 1250 MIDTOWN TOWER. ROCHESTER. NEW YORK 14604 (716)232-1400 4-26-73 Abell Elected Rochester, New York, April 26 - - - John N. Abell, an investment banker with Wood Gundy Limited in Toronto, was elected to Garlock Inc.'s board of directors at the board's organization meeting fol lowing the company's annual meeting of shareholders. "John Abell brings multi-national financing experience to Garlock's board," said Garlock board chairman, A. J. McMullen, "and because of Garlock's increasing overseas development, we welcome his advice at future board meetings." Mr. Abell joined Wood Gundy in 1955 as a trainee in Vancouver, became money market manager in Toronto in 1957, international managing director in 1962, president of the New York subsidiary and director and vice president of the parent company since 1966. He is currently a director of W. H. Smith (Canada) Ltd. and the West India Co. of Merchant Bankers Ltd. He is also a member of the Investment Dealers Association (U.S.A.) and the Investment Bankers Association (U.S.A.). Born in Kent, England, Mr. Abell is a graduate of Marlborough College (secondary school) and Oxford University, where he re ceived B.A. and M.A. degrees. He has served in the British army Page 1 of 2 GARLOCK INC. EXECUTIVE OFFICES / 1250 MIDTOWN TOWER. ROCHESTER, NEW YORK 14604 (716)232-1400 Now living in Longview, he and his wife, Linda, have three children: Jeff, Jill and Kris. Stemco Manufacturing Company was recently awarded the Texas Governor's Award for its outstanding growth and industrial contribution in the State of Texas. Stemco produces hub oil seals, pinion seals and exhaust systems for the heavy duty truck market. Stemco has more than 1500 independent distributors; and because of this independent network, Stemco believes that more of its oil seals are used than all other competing brands combined. Stemco became a part of Garlock in 1964. Garlock Inc., headquartered in Rochester, New York, manufactures industrial seals and other primarily replaceable, engineered com ponents. The company operates sixteen plants in the United States, and thirteen in Europe, Mexico, Japan, Australia and Canada. Pro ducts are composed of varying combinations of rubber, metal, textiles, leather, chemicals and plastics. ### For Information: Douglass M. Barnes (716) 232-1400 >age 2 of 2 GARLOCK INC. EXECUTIVE OFFICES/1250 MIDTOWN TOWER, ROCHESTER, NEW YORK 14604 (716) 232-1400 NEWS RELEA 4-30-73 NEW PRESIDENT AT STEMCO Rochester, New York, April 30 - - - Garlock Inc. has promoted Ray C. Davis from vice president and general manager to president of the Stemco Manufacturing Company Inc. in Longview, Texas, a wholly owned subsidiary of Garlock Inc., effective May 1, 1973, according to Ben H. Cook, president and chief operating officer of Garlock. Mr. Davis assumes the overall responsibility for the operation of the Texas subsidiary from Mr. Cook who acted as its interim president. Mr. Davis was named Vice President and General Manager of Stemco December 4, 1972, and previously held the position of General Manager . of Stemco's Marine Division, manufacturer of Skeeter brand bass boats A native of the Rochester, New York area, Mr. Davis graduated in 1959 from Middlesex Valley Central School near Rushville, New York. He attended LeTourneau College in Longview, Texas, on an athletic scholarship, and graduated with a B.A. Degree in Business Administra tion and an Associate Degree in Chemistry. While attending college, he worked at Stemco as a student engineer. Upon graduation from LeTourneau, Mr. Davis joined Mobil Chemical Division of Mobil Oil Company and held various management p.ositions before rejoining Stemco in 1971. Page 1 of 2 GARLOCK INC. EXECUTIVE OFFICES/1250 MIDTOWN TOWER, ROCHESTER, NEW YORK 14604 (716)232-1400 6-1-73 A LLING-LA NDER SALE COMPLETED Rochester, New York, June 1, - - - Garlock Inc. today completed the sale of the assets of its Ailing-Lander Division in Sodus, New York, to Robbins & Myers, Inc., of Springfield, Ohio. Employment at the Ailing Division now exceeds 100 and all of these employees will be transferred to the Robbins & Myers payroll as of June 3, 1973. Mr. John E. Brennan, vice president of Garlock, indicated that the arrangement made with Robbins & Myers fully protects the Pension and Thrift Plan interests of the employees of Ailing-Lander. Although Garlock does not disclose the magnitude of each individual Division's sales and operating profits, Mr. Brennan, the Garlock vice president who negotiated the agreement for Garlock, said that "This divestiture will have no material impact on Garlock's sales or earnings." William C. Dengler, now division president of Ailing-Lander, will be transferred to the Garlock headquarters in Rochester and will report directly to Ben H. Cook, Garlock's president and chief operating officer. Page 1 of 2 GARLOCK INC. EXECUTIVE OFFICES/1250 MIDTOWN TOWER. ROCHESTER. NEW YORK 14604 (7161 232-1400 6-1-73 ALLING-LANDER SALE COMPLETED Rochester, New York, June 1, - - - Garlock Inc. today completed the sale of the assets of its Ailing-Lander Division in Sodus, New York, to Robbins & Myers, Inc., of Springfield, Ohio. Employment at the Ailing Division now exceeds 100 and all of these employees will be transferred to the Robbins & Myers payroll as of June 3, 1973. Mr. John E. Brennan, vice president of Garlock, indicated that the arrangement made with Robbins & Myers fully protects the Pension and Thrift Plan interests of the employees of Ailing-Lander. Although Garlock does not disclose the magnitude of each individual Division's sales and operating profits, Mr. Brennan, the Garlock vice president who negotiated the agreement for Garlock, said that "This divestiture will have no material impact on Garlock's sales or earnings." William C. Dengler, now division president of Ailing-Lander, will be transferred to the Garlock headquarters in Rochester and will report directly to Ben H. Cook, Garlock's president and chief operating officer. Page 1 of 2 GARLOCK INC. EXECUTIVE OFFICES/1250 MIDTOWN TOWER. ROCHESTER. NEW YORK 14604 '716' 232-1400 UIW i RELEA 7/19/73 SECOND QUARTER EARNINGS Rochester, New York, July 19 - - - Garlock Inc. reported today that profits for the first half of 1973 ended July 1 were higher than for any preceeding period in the company's history. For the six months ended July 1, Garlock1s net income was $2,881,000, up 30% from $2,216,000 for the 1972 period. Six month sales were $64,254,000 compared to $50,707,000 in 1972. Garlock's earnings per share for the first half of the 1973 fiscal year were $1.21 compared to $.93 in the first six months of 1972. Earnings per share in the second quarter were 22% higher than last year's quarter while net income rose 20% and sales were up 19%. Second quarter net income was $1,470,000 against $1,222,000 in the 1972 period while sales were $32,547,000 compared to $26,783,000 in 1972. Per share income was $.62 this year from $.51 last year, based on 2,377,000 average shares outstanding in 1973 and 2,383,000 in 1972. "We are pleased that our growth rate in sales and earnings continues to outpace the economy," said Chairman A. J. McMullen, Garlock's chief executive officer. B.H. Cook, the company president, said that he anticipated that sales and earnings would remain relatively strong for the balance of the year, producing another record year. Page 1 of 2 GARLOCK INC. EXECUTIVE OFFICES/1250 MIDTOWN TOWER, ROCHESTER. NEW YORK 14604 (716)232-1400 Second Quarter Ended Net Sales Income Before Taxes on Income Taxes on Income Net Income Per Share Weighted Average Shares Outstanding July 1 1973 $32,547,000 2,978,000 1.508.000 1.470.000 $.62 2.377.000 Six Months Ended Net Sales Income Before Taxes on Income Taxes on Income Net Income Per Share Weighted Average Shares Outstanding $64,254,000 5,761,000 2,880,000 2,881,000 $1.21 2,377,000 From: Douglass M. Barnes (716) 232-1400 * RESTATED TO INCLUDE THE POOLING OF SERVICE SPRING COMPANY June 25 1972 $26,783,000 2.137.000 915,000 .1 222.000 $.51 2,383,000 $50,707,000 4.002.000 1.786.000 2.216.000 $.93 2,383,000 Page 2 of 2 GARLOCK INC. EXECUTIVE OFFICES/1250 MIDTOWN TOWER, ROCHESTER, NEW YORK 14604 (716) 232-1400 7/27/73 THIRD QUARTER DIVIDEND Rochester, New York, July 27 - - - Garlock Inc.'s board of directors today declared the usual $.21 quarterly dividend, payable August 20 to shareholders of record August 6, with 2,377,000 common shares now outstanding and listed for trading on the New York Stock Exchange. The dividend rate was recently increased on November 20, 1972. Garlock, headquartered in Rochester, New York, manufactures industrial seals and other engineered components. ### From: Douglass M. Barnes 716/232-1400 GARLOCK INC. EXECUTIVE OFFICES/1250 MIDTOWN TOWER. ROCHESTER, NEW YORK 14604 (716) 232-1400