Business Description
Lydall, Inc. has been incorporated in Delaware since 1987 after originally being
incorporated in Connecticut in 1969. The principal executive offices are located
in Manchester, Connecticut. The Company designs and manufactures specialty engineered
filtration media, industrial thermal insulating solutions, automotive thermal
and acoustical barriers for filtration/separation and thermal/acoustical applications.
Lydall serves a number of markets. The Company’s products are primarily
sold directly to customers through an internal sales force and distributed via
common carrier. The majority of products are sold to original equipment manufacturers
and tier-one suppliers. The Company differentiates itself through high-quality,
specialty engineered innovative products and exceptional customer service. Lydall
has a number of domestic and foreign competitors for its products, most of whom
are either privately owned or divisions of larger companies.
Typically, the Company’s business can be slightly stronger in the first
half of the calendar year given the timing of customer order patterns and planned
customer shutdowns in North America and Europe that typically occur in the third
and fourth quarters of each year. Lydall maintains levels of inventory and grants
credit terms that are normal within the industries it serves. The Company uses
a wide range of raw materials in the manufacturing of its products, including
aluminum and other metals to manufacture most of its automotive heat shields
and various glass and petroleum derived fibers in its Performance Materials,
Industrial Filtration, and Thermal/Acoustical Fibers segments. The majority
of raw materials used are generally available from a variety of suppliers.
The Company’s reportable segments are Performance Materials, Industrial
Filtration, Thermal/Acoustical Metals, and Thermal/Acoustical Fibers. The Performance
Materials segment reports the results of the Filtration, Thermal Insulation
and Life Sciences Filtration businesses. The Industrial Filtration segment reports
the results of Lydalls industrial non-woven felt media and filter bag business.
The Thermal/Acoustical Metals segment reports the results of Lydall’s
metal parts and related tooling and the Thermal/Acoustical Fibers segment reports
the results of Lydall’s fiber parts and related tooling with both used
primarily in automotive applications. Other Products and Services (“OPS”)
was Life Sciences Vital Fluids that was divested by Lydall.
%
1.7%