- EnPro Industries, Inc. NPO has agreed to sell its Compressor Products International (CPI) business unit to Glasgow, U.K.-based Howden Group, for $195 million.
- CPI provides manufactured products and services for reciprocating compressors, primarily serving the global petrochemical and oil & gas industries. The purchase price equates to approximately 10.4x adjusted LTM EBITDA.
- EnPro expects to close the transaction in the first quarter of 2022.
- Enpro's continues portfolio transformation toward niche industrial technology products and services, focusing on end-markets such as semiconductor, photonics, food and pharma, and aerospace.
- After completing the divestiture, Enpro's Engineered Materials segment will comprise GGB and Garlock Pipeline Technologies.
- Price Action: NPO shares are trading lower by 0.16% at $87.75 on the last check Tuesday.
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