EnPro Announces Sale Of GGB; Pursuing Strategic Review Of GPT

(RTTNews) - EnPro Industries, Inc. (NPO) has entered into agreements to sell GGB, the company's mission critical surface engineering solutions business, with exclusive negotiations with respect to the French operations of GGB, to The Timken Company for $305 million. Following the sale, Enpro will have a focused portfolio composed of its Advanced Surface Technologies and Sealing Technologies segments.

Enpro is also pursuing a strategic review of its pipeline sealing and electrical isolation product manufacturing business, Garlock Pipeline Technologies or GPT. The company plans to classify the Engineered Materials segment as discontinued operations when it reports third quarter results.

Enpro expects to receive approximately $290 million in after-tax net proceeds from these two divestitures combined. The company intends to use the proceeds to advance its capital allocation priorities, including further debt reduction.