Trending...
- RAS AP Consulting Expands Managed AP Governance™ Ecosystem, Launches Trademark Process, and Secures IFOL Speaker Invitation
- Heritage at South Brunswick Introduces New Ferndale Floorplan: The Largest Single-Family Home Design in the Community
- UK Financial Ltd Makes History: Chainlink CRE Circulating Supply Verification Goes Live Across Its Complete Ecosystem Of Nine Exchange-Traded Tokens
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
- Hollywood In Pixels Announces Honorees for The 9th Silver PIXel Awards
- New Research Finds a Good Deal Is All It Takes to Get Americans Booking a Last-Minute Vacation — and Most Already Have One on Their Mind
- GitKraken Introduces GitLens 19, Bringing Human and AI Workflows Together in One Workbench
- LĪNA Universal Balm Nominated for "Best Clean Skincare Product" at CertClean Beauty Awards
- Bronze Stevie Award Recognizes Satyadhar Joshi for AI Research and Public Policy Engagement
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
Filed Under: Business
0 Comments
Latest on ncarol.com
- Phinge CEO DeMaio Unveils Speech to Congress: User Data Sovereignty vs Tech Surveillance Capitalism, Asserting Foundational 2021 App-Less Patents & IP
- Michael Maertens Hired as Century Fasteners Corp. – Chief Financial Officer
- Beneath the Cloudline Explores Hope After Collapse in a New YA Science-Fantasy Novel
- Built to Last: Why BSI Is Among the Nation's Fastest-Growing Companies, and One of Its Best Places to Work
- Bent Danholm's The Architecture of Demand Reaches No. 2 in Amazon Real Estate Sales
- Contracting Resources Group Named to Inc. 5000 for the Ninth Time
- ImagineX Named to 2026 Inc. 5000 List of America's Fastest-Growing Private Companies
- ASSIST Software Becomes One of the First European Companies Certified to ISO/IEC 42001
- The World's No.1 Superstar® Enters the Occult with New Track and Cinematic Visual "Under Your Spell"
- PricZone Launches Online Shopping Platform Offering Electronics, Gaming, and More
- Heritage at South Brunswick Introduces New Ferndale Floorplan: The Largest Single-Family Home Design in the Community
- Lineus Medical Elevates Leadership to Accelerate Growth After Breakthrough Clinical Results
- Gateway Center Arena Announces Duane Curry as General Manger
- New from Regal House Publishing, The Parliament of Mice, classic animal fables retold as satires
- XRPPower Expands Platform Security With Enhanced Brand Protection and Official Verification Standards
- Cuvo Health, the #1 White Label Telehealth Platform, Surpasses 300 Exclusive Providers Serving All 50 States
- RAS AP Consulting Expands Managed AP Governance™ Ecosystem, Launches Trademark Process, and Secures IFOL Speaker Invitation
- UK Financial Ltd Makes History: Chainlink CRE Circulating Supply Verification Goes Live Across Its Complete Ecosystem Of Nine Exchange-Traded Tokens
- International Rights Groups Raise Alarm Over Freedom of Religion and Expression in South Korea
- The City's Most Elegant Open-Air Dinner Party Returns September 12, 2026