Under terms of the Hold Separate Order, the Company does not control the Liquid Finishing business, nor is it able to exert influence over the Liquid Finishing operations. Consequently, the Company’s investment in the Liquid Finishing business has been reflected as a cost-method investment, and its financial results have not been consolidated with those of the Company. Income is recognized based on dividends received from current earnings and is included in other income."The Liquid Finishing business continued to perform well in the second quarter, generating sales of $67 million and EBITDA of $13 million, both of which were increases from the prior year, and reflect the positive contributions of the Hold Separate management and employees," stated Mr. McHale. "Once the final Decision and Order has been issued by the FTC, we will commence a sale process. The process is expected to be completed within the 180 days allowed by the order."
Graco Reports Record Second Quarter Sales, Acquired Businesses Contribute To Results
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