{"id":390277,"date":"2020-12-01T06:33:18","date_gmt":"2020-12-01T11:33:18","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=390277"},"modified":"2020-12-01T06:33:18","modified_gmt":"2020-12-01T11:33:18","slug":"enpro-announces-completion-of-sale-of-ggbs-bushing-block-business","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/enpro-announces-completion-of-sale-of-ggbs-bushing-block-business\/","title":{"rendered":"EnPro Announces Completion of Sale of GGB\u2019s Bushing Block Business"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>EnPro Announces Completion of Sale of GGB\u2019s Bushing Block Business<\/b><\/p>\n<p>CHARLOTTE, N.C.&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nEnPro Industries, Inc. (NYSE: NPO), a leading technology company using materials science to push boundaries in semiconductor, life sciences, and other technology-enabled sectors, today announced that it has completed the sale of its GGB bushing block business located in Dieuze, France to Melma Group. EnPro communicated its intent to exit this business on June 18, 2020 and during the third quarter identified a buyer to purchase the business.\n<\/p>\n<p>\n\u201cAfter announcing the exit of GGB\u2019s bushing block business in June, we are pleased to have received an offer from Melma Group to purchase and continue operating the business. This transaction represents a positive outcome for all stakeholders as it preserves the jobs of our former team members, mitigates customer disruptions, and supports progress toward reshaping our portfolio,\u201d said Marvin Riley, President and Chief Executive Officer.\n<\/p>\n<p>\nThe completion of this transaction is consistent with EnPro\u2019s strategy to focus its portfolio on materials science-based businesses with leading technologies, compelling margins, strong cash flow, and high levels of recurring revenue that serve markets with favorable secular tailwinds. The company will continue to apply the EnPro Operating System to enable continuous improvement and allocate capital, organically and inorganically, to drive growth in businesses with these characteristics with the goal of maximizing long-term shareholder returns.\n<\/p>\n<p>\nOneida Associes served as exclusive transaction advisory firm to EnPro, and Fiducial Legal by Lamy served as legal counsel.\n<\/p>\n<p><b>About EnPro <\/b><\/p>\n<p>\nEnPro is a leading technology company using materials science to push the boundaries of the semiconductor, life sciences, and other technology-enabled sectors. For more information about EnPro, visit the company\u2019s website at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.enproindustries.com&amp;esheet=52339993&amp;newsitemid=20201201005259&amp;lan=en-US&amp;anchor=http%3A%2F%2Fwww.enproindustries.com&amp;index=1&amp;md5=8b627d2b90da90c0393e90452d3ab89e\">http:\/\/www.enproindustries.com<\/a>.\n<\/p>\n<p><b>About Melma Group <\/b><\/p>\n<p>\nMelma Group is an industrial group, headquartered in France with operations in France and Germany, with casting, boilermaking and machining capabilities.\n<\/p>\n<p><b>Forward-Looking Statements <\/b><\/p>\n<p>\nStatements in this press release that express a belief, expectation or intention, as well as those that are not historical fact, are forward-looking statements under the Private Securities Litigation Reform Act of 1995. They involve a number of risks and uncertainties that may cause actual events and results to differ materially from such forward-looking statements. These risks and uncertainties include, but are not limited to: impacts from the COVID-19 pandemic and governmental responses to limit the further spread of COVID-19, including impacts on the company\u2019s operations, and the operations and businesses of its customers and vendors, including whether the company\u2019s operations and those of its customers and vendors will continue to be treated as \u201cessential\u201d operations under government orders restricting business activities or, even if so treated, whether site-specific health and safety concerns might otherwise require certain of the company\u2019s operations to be halted for some period of time; uncertainty with respect to the duration and severity of these impacts from the COVID-19 pandemic, including impacts on the general economy and the markets served by the company\u2019s customers; the extent to which the impacts from the COVID-19 pandemic could result in a reduction in demand for the company\u2019s products and services, which could also result in asset impairment charges, including for goodwill; other economic conditions in the markets served by EnPro\u2019s businesses and those of its customers, some of which are cyclical and experience periodic downturns and disruptions, such as the recent disruptions in the pricing of oil and gas; prices and availability of its raw materials; the impact of fluctuations in relevant foreign currency exchange rates; unanticipated delays or problems in introducing new products; announcements by competitors of new products, services or technological innovations; changes in pricing policies or the pricing policies of competitors; and the amount of any payments required to satisfy contingent liabilities related to discontinued operations and the discontinued operations of its predecessors, including liabilities for certain products, environmental matters, employee benefit obligations and other matters. EnPro\u2019s filings with the Securities and Exchange Commission, including its most recent Form 10-K and Form 10-Q, describe these and other risks and uncertainties in more detail. EnPro does not undertake to update any forward-looking statements made in this press release to reflect any change in management&#8217;s expectations or any change in the assumptions or circumstances on which such statements are based.\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20201201005259r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20201201005259\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20201201005259\/en\/<\/a><\/span><\/p>\n<p><b>Jerry L. Johnson<br \/>\n<\/b><br \/><b>Senior Vice President \u2013 Strategy, Corporate Development and Investor Relations<br \/>\n<\/b><br \/><b>704-731-1527<br \/>\n<\/b><br \/><a rel=\"nofollow\" href=\"mailto:investor.relations@enproindustries.com\">investor.relations@enproindustries.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> North Carolina Europe United States North America France<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Technology Other Manufacturing Semiconductor Manufacturing<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20201201005259\/en\/1005127\/3\/EnPro_Color_logo.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>EnPro Announces Completion of Sale of GGB\u2019s Bushing Block Business CHARLOTTE, N.C.&#8211;(BUSINESS WIRE)&#8211; EnPro Industries, Inc. (NYSE: NPO), a leading technology company using materials science to push boundaries in semiconductor, life sciences, and other technology-enabled sectors, today announced that it has completed the sale of its GGB bushing block business located in Dieuze, France to Melma Group. EnPro communicated its intent to exit this business on June 18, 2020 and during the third quarter identified a buyer to purchase the business. \u201cAfter announcing the exit of GGB\u2019s bushing block business in June, we are pleased to have received an offer from Melma Group to purchase and continue operating the business. This transaction represents a positive outcome for all stakeholders as &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/enpro-announces-completion-of-sale-of-ggbs-bushing-block-business\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;EnPro Announces Completion of Sale of GGB\u2019s Bushing Block Business&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-390277","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>EnPro Announces Completion of Sale of GGB\u2019s Bushing Block Business - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/enpro-announces-completion-of-sale-of-ggbs-bushing-block-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EnPro Announces Completion of Sale of GGB\u2019s Bushing Block Business - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"EnPro Announces Completion of Sale of GGB\u2019s Bushing Block Business CHARLOTTE, N.C.&#8211;(BUSINESS WIRE)&#8211; EnPro Industries, Inc. (NYSE: NPO), a leading technology company using materials science to push boundaries in semiconductor, life sciences, and other technology-enabled sectors, today announced that it has completed the sale of its GGB bushing block business located in Dieuze, France to Melma Group. EnPro communicated its intent to exit this business on June 18, 2020 and during the third quarter identified a buyer to purchase the business. \u201cAfter announcing the exit of GGB\u2019s bushing block business in June, we are pleased to have received an offer from Melma Group to purchase and continue operating the business. 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