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Enpro Agrees Sale of GGB to Timken for $305 Million

EnPro Industries, Inc. (NYSE: NPO) today announced that it has entered into agreements to sell GGB, its mission-critical surface engineering solutions business, with exclusive negotiations with respect to the French operations of GGB, to The Timken Company for $305 million in cash, subject to customary closing date adjustments.

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Following the transaction, Enpro will have a focused portfolio composed of its Advanced Surface Technologies (“AST”) and Sealing Technologies segments, both of which are enduring, high-margin businesses with significant aftermarket exposure and recurring revenue streams. AST and Sealing Technologies are leaders in attractive end-markets, including semiconductor, photonics, general industrial, food and pharma, nuclear energy, and aerospace.

“The sale of GGB will substantially complete the divestiture portion of our portfolio reshaping, creating a more focused industrial technology leader with a strong foundation to drive sustainable profitability and long-term growth,” said Eric Vaillancourt, President and Chief Executive Officer.

“Following the transaction, Enpro will operate two segments, AST and Sealing Technologies, both of which feature compelling margin profiles, significant aftermarket exposure, high levels of recurring revenue and strong cash flow generation. Supported by defensible market positions, AST and Sealing Technologies are poised to continue to gain share in higher-growth end markets with barriers to entry thanks to their scale, broad suite of leading technology solutions and best-in-class customer service. With a more streamlined business and our resilient operating model, we expect to drive robust cash flows, enhance our financial flexibility and increase cash flow return on investment, all of which position Enpro to deliver substantial value for shareholders.”

Mr. Vaillancourt continued, “I want to thank all of our dedicated GGB colleagues for their work in building a leading global business. We are confident that Timken is the right owner to guide GGB into its next chapter as the team continues to focus on its mission to help customers address their most challenging needs in friction management.”

Approvals and Time to Close

The transaction with Timken is expected to close by year-end and is subject to regulatory approvals and works council processes, along with customary closing conditions.

Strategic Review of GPT

Further to the planned divestiture of the GGB business, Enpro is pursuing a strategic review of its pipeline sealing and electrical isolation product manufacturing business, Garlock Pipeline Technologies (GPT), the sale of which, if completed, would conclude the divestiture portion of Enpro’s portfolio reshaping initiative.

GGB and GPT comprise the company’s Engineered Materials segment. Accordingly, Enpro expects to classify the Engineered Materials segment as discontinued operations when it reports its third quarter results.

Use of Proceeds

Should the strategic review of GPT result in a sale, Enpro expects to receive approximately $290 million in after-tax net proceeds from these two Engineered Materials divestitures combined. The Company intends to use the proceeds to advance its capital allocation priorities, including further debt reduction, while continuing to invest in organic growth opportunities and selectively pursuing strategic acquisitions.


BofA Securities is serving as the exclusive financial advisor to Enpro. Robinson Bradshaw is Enpro’s lead legal counsel with Bird and Bird supporting internationally.

Conference Call and Webcast

Enpro will hold a conference call today, September 6, 2022, at 8:30 a.m. Eastern Time to discuss the strategic actions described in this press release. Investors who wish to participate in the call should dial 1-877-407-0832 approximately 10 minutes before the call begins and provide conference access code 13732739. A live audio webcast of the call and accompanying slide presentation will be accessible from the company’s website, To access the earnings presentation, log on to the webcast by clicking the link on the company’s home page.

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