EnPro To Divest CPI Business To Howden For $195M

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.