Enpro Continues Portfolio Reshaping; Divests Polymer Components Business

Rhea-AI Summary

EnPro Industries, Inc. (NYSE: NPO) announced the sale of its polymer components business to Edgewater Capital Partners. This business, generating approximately $20 million in revenue in H1 2021, is based in Houston, Texas, with additional facilities in Texas and Pennsylvania. The unit will operate under the name Altamira Material Solutions post-acquisition. Interim CEO Eric Vaillancourt emphasized the company's ongoing strategy to transform EnPro into a leader in industrial technology.

Positive

• Sale of polymer components business allows EnPro to focus on core industrial technology strategy.
• The sale is part of EnPro's multi-faceted strategy for transformation.

Negative

• Divestiture of a revenue-generating unit may impact short-term financials.

CHARLOTTE, N.C.--(BUSINESS WIRE)-- EnPro Industries, Inc. (NYSE: NPO), an industrial technology company, today announced the sale of its polymer components business to Edgewater Capital Partners, a private investment firm focused on performance materials, based in Cleveland, Ohio. Financial terms were not disclosed.

The polymer components business is headquartered in Houston, Texas, with two production facilities in Texas and a smaller site in Pennsylvania. Under Edgewater ownership, the organization will be renamed Altamira Material Solutions.

“We are very appreciative of our colleagues’ dedication to producing high-quality products and providing reliable service that our customers have come to expect,” said Eric Vaillancourt, Interim President & CEO of Enpro. “We wish for their continued success as they move forward as Altamira with Edgewater’s support.”

“We continue to execute on our multi-faceted strategy to transform Enpro into a leading industrial technology company,” added Vaillancourt.

The polymer components business unit was part of Enpro’s Sealing Technologies segment. Revenue in the first half of 2021 was approximately $20 million.

Fidus Partners, LLC served as exclusive financial advisor to Enpro, and Robinson Bradshaw served as legal counsel.

About Enpro

Enpro is an industrial technology company focused on niche applications across many end-markets including semiconductor, general industrial, aerospace, food and pharma and life sciences. For more information about Enpro, visit the company’s website at http://www.enproindustries.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210903005041/en/

Investor Contacts:

James Gentile

Vice President, Investor Relations



Jenny Yee

Corporate Access Specialist

Phone: 704-731-1527

Email: investor.relations@enproindustries.com

Source: EnPro Industries, Inc.

FAQ

What did EnPro Industries announce on the sale of its polymer components business?

EnPro Industries announced the sale of its polymer components business to Edgewater Capital Partners.

What is the revenue of EnPro's polymer components business?

The polymer components business generated approximately $20 million in revenue in the first half of 2021.

What will the polymer components business be renamed after the sale?

The polymer components business will be renamed Altamira Material Solutions.

Who is the interim CEO of EnPro Industries?

Eric Vaillancourt is the interim CEO of EnPro Industries.

What is the stock symbol for EnPro Industries?

The stock symbol for EnPro Industries is NPO.