Lydall Inc : Q2 earnings per share $0.63 . Q2 adjusted earnings per share $0.70 . Lydall announces financial results for the second quarter ended June 30, 2016 . Q2 sales rose 2 percent to $137.2 million ."looking to balance of Q3, orders in our automotive segments remain strong".
Lydall Inc : Lydall acquires Texel, a leader in innovative technical materials . Lydall Inc says deal valued at approximately $96 million . Acquisition is expected to be accretive to cash flow from operating activities within 12 months . About $1 million of additional non-recurring transaction and integration expenses related to acquisition will be incurred over second half 2016 . Expects to generate estimated annual cost savings of approximately $2 million . Acquisition is expected to be accretive to Lydall's earnings, net of effect of purchase accounting . Lydall's financial results for Q2 2016 will include less than $2 million of expenses related to strategic initiatives .Acquisition was financed through a combination of cash on hand and $85 million of borrowings.