Trending...
- 5X Gross Margin Improvement to Beat EPS Consensus; $54.6 Million 10-Year Contract Award Puts Cybersecurity Leader on Path to a $30 Million Run Rate
- New Book, The KI of Marketing, Helps Small Businesses Grow Without Trying to Outspend Bigger Competitors
- Free Commercial Glass Estimating and Code Compliance Tools Launched by Landmark Construction - The Leading Glass Company in Los Angeles
CHARLOTTE, N.C.--(BUSINESS WIRE)--EnPro Industries, Inc. (NYSE: NPO), a diversified industrial technology company, today announced the completion of the sale of Compressor Products International, Inc. (CPI) to Howden Group for $195 million. The agreement was previously announced on October 12, 2021.
The completion of the sale furthers Enpro's portfolio reshaping strategy as the Company continues its transformation towards industrial technology businesses serving secular growth markets with unique products and services. CPI was previously included in Enpro's Engineered Materials segment and comprised the majority of Enpro's oil & gas end market exposure.
Enpro expects to use after-tax net proceeds of approximately $170 million from the sale of CPI to reduce debt incurred to partially fund the Company's recently completed acquisition of NxEdge, which is expected to reduce Enpro's net leverage ratio to approximately 3.3x net debt to trailing-twelve-month adjusted EBITDA.
Forward-Looking Statements and Guidance
Statements in this press release that express a belief, expectation or intention, as well as those that are not historical fact, are forward-looking statements under the Private Securities Litigation Reform Act of 1995. They involve a number of risks and uncertainties that may cause actual events and results to differ materially from such forward-looking statements. These risks and uncertainties include, but are not limited to: impacts from the COVID-19 pandemic and governmental responses to limit the further spread of COVID-19, including impacts on the company's operations, and the operations and businesses of its customers and vendors, including whether the company's operations and those of its customers and vendors will continue to be treated as "essential" operations under government orders restricting business activities or, even if so treated, whether site-specific health and safety concerns might otherwise require certain operations to be halted for some period of time; uncertainty with respect to the duration and severity of these impacts from the COVID-19 pandemic, including impacts on the general economy and the markets served by the company's customers, including international markets that may not recover at the same pace as markets in the United States; the extent to which the impacts from the COVID-19 pandemic could result in a reduction in demand for the company's products and services, which could also result in asset impairment charges, including for goodwill; other economic conditions in the markets served by Enpro's businesses and those of its customers, some of which are cyclical and experience periodic downturns and disruptions, such as disruptions in the pricing of oil and gas; prices and availability of its raw materials; uncertainties with respect to the company's ability to achieve anticipated growth within the semiconductor, life sciences, and other technology-enabled markets; the impact of fluctuations in relevant foreign currency exchange rates; unanticipated delays or problems in introducing new products; the impact of any potential labor disputes; announcements by competitors of new products, services or technological innovations; changes in pricing policies or the pricing policies of competitors; and the amount of any payments required to satisfy contingent liabilities, including those related to discontinued operations, other divested businesses and the discontinued operations of its predecessors, including liabilities for certain products, environmental matters, employee benefit and statutory severance obligations and other matters. Enpro's filings with the Securities and Exchange Commission, including its most recent Form 10-K and Form 10-Q, describe these and other risks and uncertainties in more detail. Enpro does not undertake to update any forward-looking statements made in this press release to reflect any change in management's expectations or any change in the assumptions or circumstances on which such statements are based.
More on ncarol.com
About Enpro
Enpro is an industrial technology company focused on unique applications across many end-markets, including semiconductor, photonics, industrial process, aerospace, food and pharma and life sciences. For more information about Enpro, visit the company's website at http://www.enproindustries.com.
Contacts
Investor Contacts:
James Gentile
Vice President, Investor Relations
Jenny Yee
Corporate Access Specialist
Phone: 704-731-1527
Email: investor.relations@enproindustries.com
The completion of the sale furthers Enpro's portfolio reshaping strategy as the Company continues its transformation towards industrial technology businesses serving secular growth markets with unique products and services. CPI was previously included in Enpro's Engineered Materials segment and comprised the majority of Enpro's oil & gas end market exposure.
Enpro expects to use after-tax net proceeds of approximately $170 million from the sale of CPI to reduce debt incurred to partially fund the Company's recently completed acquisition of NxEdge, which is expected to reduce Enpro's net leverage ratio to approximately 3.3x net debt to trailing-twelve-month adjusted EBITDA.
Forward-Looking Statements and Guidance
Statements in this press release that express a belief, expectation or intention, as well as those that are not historical fact, are forward-looking statements under the Private Securities Litigation Reform Act of 1995. They involve a number of risks and uncertainties that may cause actual events and results to differ materially from such forward-looking statements. These risks and uncertainties include, but are not limited to: impacts from the COVID-19 pandemic and governmental responses to limit the further spread of COVID-19, including impacts on the company's operations, and the operations and businesses of its customers and vendors, including whether the company's operations and those of its customers and vendors will continue to be treated as "essential" operations under government orders restricting business activities or, even if so treated, whether site-specific health and safety concerns might otherwise require certain operations to be halted for some period of time; uncertainty with respect to the duration and severity of these impacts from the COVID-19 pandemic, including impacts on the general economy and the markets served by the company's customers, including international markets that may not recover at the same pace as markets in the United States; the extent to which the impacts from the COVID-19 pandemic could result in a reduction in demand for the company's products and services, which could also result in asset impairment charges, including for goodwill; other economic conditions in the markets served by Enpro's businesses and those of its customers, some of which are cyclical and experience periodic downturns and disruptions, such as disruptions in the pricing of oil and gas; prices and availability of its raw materials; uncertainties with respect to the company's ability to achieve anticipated growth within the semiconductor, life sciences, and other technology-enabled markets; the impact of fluctuations in relevant foreign currency exchange rates; unanticipated delays or problems in introducing new products; the impact of any potential labor disputes; announcements by competitors of new products, services or technological innovations; changes in pricing policies or the pricing policies of competitors; and the amount of any payments required to satisfy contingent liabilities, including those related to discontinued operations, other divested businesses and the discontinued operations of its predecessors, including liabilities for certain products, environmental matters, employee benefit and statutory severance obligations and other matters. Enpro's filings with the Securities and Exchange Commission, including its most recent Form 10-K and Form 10-Q, describe these and other risks and uncertainties in more detail. Enpro does not undertake to update any forward-looking statements made in this press release to reflect any change in management's expectations or any change in the assumptions or circumstances on which such statements are based.
More on ncarol.com
- Nearly One-Third of CRE Asset Managers Make Major Capital Decisions on Gut Instinct, New Survey Finds
- RemoteBridge Names Dr. John N. Just, Ed.D. Chief Executive Officer
- Project CIVICA Report Finds 10,680 Non-Citizen Indicators on New York Voter Rolls — Including 88 Records with Recent Voting History
- New Analysis Details Three Converging Forces in AI and Workforce Policy Behind a $37 Billion GDP Reduction
- Revenue Optics Launches Pricing and Revenue Growth Management Practice, Names Shafohi Alamgir Vice President
About Enpro
Enpro is an industrial technology company focused on unique applications across many end-markets, including semiconductor, photonics, industrial process, aerospace, food and pharma and life sciences. For more information about Enpro, visit the company's website at http://www.enproindustries.com.
Contacts
Investor Contacts:
James Gentile
Vice President, Investor Relations
Jenny Yee
Corporate Access Specialist
Phone: 704-731-1527
Email: investor.relations@enproindustries.com
0 Comments
Latest on ncarol.com
- Free Commercial Glass Estimating and Code Compliance Tools Launched by Landmark Construction - The Leading Glass Company in Los Angeles
- Tallahassee Million-Dollar Home Sales Rise in 2026 as Median Selling Time More Than Doubles
- STEM For Kids® Unveil Turn-Key "Screen-Smart" Solution to Bridge Teacher Preparedness Gaps in Texas
- Award-Winning Couture Master Perfumer JoAnne Bassett Launches All-Natural DIY Perfume Making Kits
- Couture Master Perfumer JoAnne Bassett Offers Rare Opportunity to Acquire 70 Formula Perfume Codex
- Slotozilla Reports Strong Growth in Q2 2026
- Flexible Plan Investments Names Carl Resnick President
- Paula Josephine Sadler Releases "Imagine" on 24th Anniversary of Sobriety
- Ritz-Carlton Residences Houston Generates Strong Early New Construction Sales at 2120 Post Oak Blvd
- No Sugar Baker Continues National Growth with Seattle Market Expansion Across Washington, Idaho, and Alaska
- The Refugee Archive Launches Campaign to Preserve 21 Female-Headed Household Oral Histories in Rebel-Controlled Goma
- Space Ambitions Expanding as New Testing Builds on NASA Results and Targets MEO, GEO and Next-Generation Orbital Markets: Ascent Solar Technologies
- FDA Path Clears, Manufacturing Ramps Up + $22.3 Million Strengthens the Balance Sheet; Inflection Point for NRx Pharmaceuticals (N A S D A Q: NRXP)
- Buy Retatrutide Research Peptide: Why Reta Is Getting So Much Attention
- New Book Helps Educators Navigate AI in the Classroom While Keeping Humans in Charge
- San Diego Attorney Anthony Z. Vargas Narrows Practice to Employment Law, Representing Employees Only
- LifeTime Asset & Tax Management Named on the 2026 Inc. 5000 List
- Solid Earth Introduces RealtyID, a Universal Identity Spine for the Real Estate Industry
- Pastor Miguel Bustillos Brings Deliverance and Exorcism Ministry Conference to Durham, NC
- TOLI CORPORATION's President Visits U.S. to Celebrate Partnerships and Support North American Market