EnPro Concludes Sale Of CPI Business To Howden

EnPro Industries, Inc. (NYSE:NPO) completed the sale of Compressor Products Internationa Inc. (CPI) to Howden Group for $195 million.
The sale furthers EnPro's portfolio reshaping strategy as it transforms towards industrial technology businesses serving secular growth markets.
EnPro expects to use after-tax net proceeds of ~$170 million to reduce debt incurred to partially fund the recently completed acquisition of NxEdge, which is expected to reduce net leverage ratio to 3.3x net debt to trailing-twelve-month adjusted EBITDA.
Price Action: NPO shares are trading higher by 2.13% at $108.62 on the last check Wednesday.