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8-K - FORM 8-K - ENPRO INDUSTRIES, INC | g25944e8vk.htm |
Exhibit 99.1
News Release
Investor Contact:
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Don Washington | |
Director, Investor Relations and | ||
Corporate Communications | ||
Phone:
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704-731-1527 | |
Email:
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don.washington@enproindustries.com |
EnPro Industries
5605 Carnegie Boulevard
Charlotte, North Carolina 28209-4674
Phone: 704-731-1500
Fax: 704-731-1511
www.enproindustries.com
5605 Carnegie Boulevard
Charlotte, North Carolina 28209-4674
Phone: 704-731-1500
Fax: 704-731-1511
www.enproindustries.com
EnPro Industries Reaches Agreement to Acquire Sealing Products Manufacturer
CHARLOTTE, N.C., January 31, 2011 EnPro Industries, Inc. (NPO: NYSE) announced today that it has
signed an agreement to acquire the business of Pipeline Seal and Insulator, Inc. and its affiliates
(PSI), a privately-owned group of companies that manufacture products which ensure the safe flow of
fluids through pipeline transmission and distribution systems, worldwide. The transaction, which is
expected to close in the first quarter of 2011 and will be completed for cash, is subject to
customary closing conditions. The parties have received anti-trust clearances required for
closing.
PSI primarily serves the global oil and gas industry and water and wastewater infrastructure
markets. The business manufactures flange sealing and flange isolation products; pipeline casing
spacers/isolators; casing end seals; the original Link-Seal® modular sealing system for sealing
pipeline penetrations into walls, floors, ceilings and bulkheads; hole forming products; manhole
infiltration sealing systems; and safety-related signage for pipelines. It operates facilities in
the United States, Germany and the United Kingdom, and will be included in EnPros Garlock family
of companies. The transaction is being consummated by a number of domestic and international EnPro
subsidiaries not involved in Garlock Sealing Technologies, LLCs asbestos claims resolution
process.
PSI will be a significant addition to the Garlock family of companies and to their expertise in
industrial sealing, said Steve Macadam, president and chief executive officer of EnPro. The
acquisition will expand these companies manufacturing capability, increase their participation in
global oil and gas markets and provide them with a larger and well-established presence in water
and wastewater markets, where substantial demand is likely to be created by infrastructure
improvements in coming years. At the same time, the acquisition will provide PSI with access to
many new markets and improved opportunities for growth.
PSI comes to us with a record of consistent organic growth and an established aftermarket
presence, Macadam continued. We look forward to the benefits the acquisition will bring to our
customers and shareholders.
Joining the EnPro family is a win for PSI, said David Nordeen, president of PSI. Access to the
engineering, product development and experience in industrial sealing markets available through
EnPro will significantly enhance PSIs global capabilities.
PSI employs about 200 people with primary manufacturing locations in Houston, Texas; St. Neots,
United Kingdom; and Nehren and Furth, Germany. The company has additional locations in Dubai, and
Kuala Lumpur, Malaysia.
Forward-Looking Statements
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: the timely completion of the acquisition of PSI
on the terms set forth in the acquisition agreement, the extent to which we are successful in
integrating PSIs businesses and realizing opportunities for growth and general economic conditions
in the markets served by our businesses and PSI, some of which are cyclical and experience periodic
downturns. Our filings with the Securities and Exchange Commission, including the Form 10-K for the
year ended December 31, 2009 and Form 10-Q for the quarter ended September 30, 2010, describe these
and other risks and uncertainties in more detail. We do not undertake to update any forward-looking
statement made in this press release to reflect any change in managements expectations or any
change in the assumptions or circumstances on which such statements are based.
About EnPro Industries
EnPro Industries, Inc. is a leader in sealing products, metal polymer and filament wound bearings,
components and service for reciprocating compressors, diesel and dual-fuel engines and other
engineered products for use in critical applications by industries worldwide. For more information
about EnPro, visit the companys website at http://www.enproindustries.com.