"We have completed strategic divestitures within the CIC group during this past year, including our previously announced transaction to sell the automotive air conditioning portion of our Mobile Climate Systems Division to
In fiscal year 2014, the financial results of the CIC group will be reported in the Diversified Industrial Segment. On a geographic basis, approximately 70% of CIC group sales will be reported within
The company also announced that, beginning with the first quarter of fiscal year 2014, it will provide supplemental information, including sales, on three global technology platforms. This supplemental information is expected to provide greater clarity into the operations that comprise the Diversified Industrial Segment. The three global technology platforms are strategically aligned based on complementary technologies and will be called Motion Systems, Flow and Process Control, and Filtration and Engineered Materials.
"This supplemental information will provide greater transparency and showcase the breadth of the technologies that we leverage in unique ways to meet our customers' needs around the world," added Washkewicz. "We believe that this information will broaden awareness of our competitive strengths and the scope of our global footprint, end markets, sales channels, products and applications."
Historical sales and operating income for the CIC segment, that will now be included in the Diversified Industrial Segment in
With annual sales exceeding
Forward-looking statements contained in this and other written and oral reports are made based on known events and circumstances at the time of release, and as such, are subject in the future to unforeseen uncertainties and risks. All statements regarding future performance, earnings projections, events or developments are forward-looking statements. It is possible that the future performance and earnings projections of the company, including its individual segments, may differ materially from current expectations, depending on economic conditions within its mobile, industrial and aerospace markets, and the company's ability to maintain and achieve anticipated benefits associated with announced realignment activities, strategic initiatives to improve operating margins, actions taken to combat the effects of the current economic environment, and growth, innovation and global diversification initiatives. A change in the economic conditions in individual markets may have a particularly volatile effect on segment performance. Among other factors which may affect future performance are: changes in business relationships with and purchases by or from major customers, suppliers or distributors, including delays or cancellations in shipments, disputes regarding contract terms or significant changes in financial condition, changes in contract cost and revenue estimates for new development programs and changes in product mix; ability to identify acceptable strategic acquisition targets; uncertainties surrounding timing, successful completion or integration of acquisitions; ability to realize anticipated cost savings from business realignment activities; ability to realize anticipated benefits of the consolidation of the