Draftex reports reduced losses

LONDON (March 21)—Laird Group P.L.C. reported operating profits at its automotive division— consisting primarily of the Draftex group of automotive sealing systems companies—quadrupled last year to $32.8 million due in part to reduced losses by its U.S. sealing unit, Draftex Inc. Overall, sales of sealing and anti-vibration systems rose 8 percent to $765.3 million, Laird reported. Draftex cut its loss last year by more than a third to $16.2 million, while sales rose an undisclosed amount to $59.8 million. Laird said the U.S. unit is now operating at close to break-even. Sales are forecast to hit $90 million this year.