Lord´s unit reports 1999 declines

CARY, N.C. (June 7)—Lord Corp.´s mechanical products division suffered a 13-percent drop in earnings and 2-percent decline in sales last year as several key markets slumped, according to Lord President Charles J. Hora. While the mechanical products division—the company´s rubber fabricating business unit—came up shy of 1998, the chemical products division boosted sales by 16 percent and earnings by 18 percent to help drive up corporate sales 7.5 percent, to $419.3 million, and increase profits 6.3 percent, to $30.9 million. Lord blamed the mechanical products division´s sales declines on slumps in the agricultural and fixed wing aircraft markets and lower-than-expected sales from recreational and rail products customers.