Benzinga | Oct 12, 2021 03:26PM EDT

EnPro To Divest CPI Business To Howden For $195M

* EnPro Industries, Inc. (NYSE: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.