Exhibit 99.1

KAYDON CORPORATION REPORTS

FIRST QUARTER 2012 RESULTS

Ann Arbor, Michigan – May 9, 2012

Kaydon Corporation (NYSE:KDN) today announced its results for the first fiscal quarter ended March 31, 2012.

Consolidated Results

Sales in the first fiscal quarter of 2012 were $116.5 million, compared to sales of $108.3 million in the first quarter of 2011.

Adjusted earnings per share, as defined below, was $.44 in the first quarter of 2012, compared to $.42 in the first quarter of 2011. GAAP diluted earnings per share was $.38 in the first quarter of 2012 compared to $.36 in the first quarter of 2011.

Adjusted EBITDA, was $26.8 million, or 23.0 percent of sales, during the first quarter of 2012, compared to $26.9 million, or 24.9 percent of sales, during the first quarter of 2011.

This press release includes certain non-GAAP measures, including Adjusted net income, Adjusted earnings per share, Adjusted EBITDA and free cash flow. Readers should refer to the attached Reconciliation of Non-GAAP Measures exhibit for the reconciliations of the applicable GAAP measures to the non-GAAP measures presented.

Adjustments to GAAP results include certain items management considers in evaluating operating performance. During the first quarter of 2012, Kaydon incurred $1.3 million of costs associated with its recent dividend recapitalization, $0.3 million of costs associated with restructuring and arbitration activities and $1.1 million of non-cash amortization of previously incurred net actuarial losses related to postretirement benefit plans. Recent interest rate declines have resulted in higher net amortized actuarial losses associated with liabilities which, to a large extent, have already been funded. Kaydon has averaged a funded status of approximately 90 percent over the past five years and is currently approximately 91 percent funded.

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Management Commentary

James O’Leary, Chairman and Chief Executive Officer commented, “Our results for the first quarter of 2012 were solid but reflect the generally uneven economic environment, principally in Europe, that has characterized recent quarters. During the quarter, we began to see relative stabilization in our well diversified military businesses, year over year improvement in our wind business and generally solid, if unspectacular, results in our broad industrial portfolio which varied greatly by end market.

“Looking ahead, we expect improvement during the balance of the year in both non-wind orders and shipments. We also expect margin improvement in our base industrial businesses as the year progresses due to improved volume and efficiencies to be realized from recent manufacturing consolidations.

“The largest uncertainty, outside of general economic shocks, remains the political climate surrounding renewable energy policy. In the event an extension of the Production Tax Credit is not enacted in 2012, we will need to consider additional operating cost reductions in the second half of the year to align our wind energy bearing capacity with market demand. We are currently reviewing multiple options to continue to serve this market while optimizing the longer term interests of our shareholders.

“Despite the current uncertainty in the global economy and the anticipated challenges ahead, we remain highly confident of Kaydon’s long term strengths and the actions taken over recent years to further leverage them. Despite the unprecedented volatility in operating conditions since the onset of the Great Recession, we have maintained consistently high levels of output, profitability, and cash generation, which is the hallmark of a strong, diversified industrial company. Our confidence in this model and in our long term prospects was evidenced by our recently completed special dividend and our ongoing commitment to consistent, profitable growth and steady return of capital to our shareholders.”

Segment Results and Review

Friction Control Products sales in the first quarter of 2012 were $65.8 million, compared to $60.9 million in the 2011 first quarter. First quarter 2012 Friction Control Products operating income totaled $11.8 million, compared to $9.9 million in the prior first quarter. The improvement relative to prior year was attributable to improved shipments of both wind energy and heavy equipment products and the absence of restructuring costs incurred in the prior first quarter, more than offsetting lower shipments of medical and semiconductor products. Management expects annual wind energy sales in the range of $60 to $70 million for 2012 as the wind climate remains highly volatile. Management also expects continued improvement in heavy equipment shipments based on recent quotation activity.

Velocity Control Products sales in the first quarter of 2012 were $24.3 million, compared to $19.6 million in the first quarter of 2011. The sales growth was primarily attributable to the Hahn acquisition. Operating income for this segment totaled $5.8 million in the first quarter of 2012 and 2011 with the favorable impact of Hahn offset by lower international shipments and unfavorable mix.

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Other Industrial Products sales in the first quarter of 2012 were $26.4 million, compared to $27.8 million in the 2011 first quarter. Operating income equaled $1.9 million in the first quarter of 2012, compared to operating income of $2.5 million in the first quarter of 2011. Results were impacted by lower project sales of filtration products, unfavorable mix and charges associated with a reduction in force.

Order Activity

Orders were $109.8 million in the first quarter of 2012, compared to $110.4 million in the first quarter of 2011. Backlog at March 31, 2012 was $174.9 million compared to $181.6 million at December 31, 2011, and $203.0 million at April 2, 2011.

Financial Position and Free Cash Flow

Free cash flow was $4.4 million in the first quarter of 2012, compared to $3.0 million in the first quarter of 2011.

As of March 31, 2012, the Company had unrestricted cash totaling $36.3 million. During the first quarter of 2012, the Company entered into a new credit agreement providing for a $150 million term loan and $250 million revolving credit facility. The Company borrowed $150 million under the term loan facility which, together with $186 million of cash, was used to fund a $10.50 per share special dividend to shareholders paid on March 26, 2012. There were no borrowings outstanding under the revolving credit facility on March 31, 2012.

About Kaydon

Kaydon Corporation is a leading designer and manufacturer of custom engineered, performance-critical products, supplying a broad and diverse group of alternative energy, military, industrial, aerospace, medical and electronic equipment, and aftermarket customers.

Conference call information: At 11:00 a.m. Eastern time today, Kaydon will host a first quarter 2012 earnings conference call. The conference call can be accessed telephonically in a listen-only mode by dialing 1-877-857-6177 and providing the following passcode number: 800500. Participants are asked to dial in 10 minutes prior to the scheduled start time of the call.

Alternatively, interested parties are invited to listen to the conference call on the internet at:

http://w.on24.com/r.htm?e=452000&s=1&k=1F4CED89D6C2CAF00824B55C01631245 or by logging on to the Kaydon Corporation website at: http://www.kaydon.com and accessing the conference call at the “First Quarter 2012 Conference Call” icon.

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To accommodate those that are unable to listen at the scheduled start time, a replay of the conference call will be available telephonically beginning at 2:00 p.m. Eastern time today through Tuesday, May 15, 2012 at 2:00 p.m. Eastern time. The replay is accessible by dialing 1-888-203-1112 and providing the following passcode number: 4623200.

Additionally, interested parties can access an archive of the conference call on the Kaydon Corporation website at http://www.kaydon.com.

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This press release contains forward-looking statements within the meaning of the Securities Exchange Act of 1934 regarding the Company’s plans, expectations, estimates and beliefs. Forward-looking statements are typically identified by words such as “believes,” “anticipates,” “estimates,” “expects,” “intends,” “will,” “may,” “should,” “could,” “potential,” “projects,” “approximately,” and other similar expressions, including statements regarding general economic conditions, competitive dynamics and the adequacy of capital resources. These forward-looking statements may include, among other things, projections of the Company’s financial performance, anticipated growth, characterization of and the Company’s ability to control contingent liabilities, and anticipated trends in the Company’s businesses. These statements are only predictions, based on the Company’s current expectations about future events. Although the Company believes the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, performance or achievements or that predictions or current expectations will be accurate. These forward-looking statements involve risks and uncertainties that could cause the Company’s actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements.

In addition, the Company or persons acting on its behalf may from time to time publish or communicate other items that could also be construed to be forward-looking statements. Statements of this sort are or will be based on the Company’s estimates, assumptions, and projections and are subject to risks and uncertainties that could cause actual results to differ materially from those included in the forward-looking statements. Kaydon does not undertake any responsibility to update its forward-looking statements or risk factors to reflect future events or circumstances except to the extent required by applicable law.

Certain non-GAAP measures are presented in this press release. These measures should be viewed as supplemental data, rather than as substitutes or alternatives to the most comparable GAAP measures.

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KAYDON CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

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KAYDON CORPORATION

CONSOLIDATED BALANCE SHEETS

(In thousands)

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KAYDON CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

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KAYDON CORPORATION

REPORTABLE SEGMENT INFORMATION

(In thousands)

The Company has two reporting segments: Friction Control Products and Velocity Control Products. The Company’s remaining operating segments are combined and disclosed as “Other Industrial Products.”

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Kaydon Corporation

Reconciliation of Non-GAAP Measures

(In thousands)

Kaydon’s management believes free cash flow, as defined above and a non-GAAP measure, is an important indicator of the Company’s ability to generate excess cash above levels required for capital investment to support future growth. However, it should be viewed as supplemental data, rather than as a substitute or alternative to the comparable GAAP measure.

Kaydon’s management believes EBITDA, as defined above and Adjusted EBITDA, as defined, both non-GAAP measures, are determinants of the Company’s capacity to incur additional senior capital to enhance future profit growth and cash flow growth. In addition, EBITDA is widely used by financial analysts and investors, and is utilized in measuring compliance with financial covenants in the Company’s credit agreement. Also, EBITDA is a metric used to determine payments under the Company’s annual incentive compensation program for senior managers. However, EBITDA, as defined, and Adjusted EBITDA, as defined should be viewed as supplemental data, rather than as substitutes or alternatives to the comparable GAAP measure.

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Kaydon Corporation

Reconciliation of Non-GAAP Measures (continued)

(In thousands, except per share data)

Kaydon’s management believes that certain non-GAAP measures of Adjusted operating income, Adjusted interest, net, Adjusted net income, and Adjusted earnings per share - diluted, provide investors with additional information to assess the Company’s financial performance. However, these measures should be viewed as supplemental data, rather than substitutes or alternatives to the comparable GAAP measures.

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