 | Charlotte, N.C., July 30, 2007 - EnPro Industries Inc. (NYSE: NPO), a leading manufacturer of engineered industrial products, today announced it has acquired Compressor Products International (CPI), a privately-held company that designs, manufactures and services sealing components for reciprocating compressors. The transaction was completed for cash; terms were not disclosed.
CPI, which is headquartered in Hungerford, Berkshire, England, designs and manufactures critical sealing components for reciprocating compressors and related equipment for both compressor manufacturers and for the oil, gas, and petrochemical industries. It will be combined with EnPro's France Compressor Products (FCP) business to create the world's largest manufacturer of reciprocating compressor sealing components.
"This acquisition is a very positive step for FCP and CPI, as well as for EnPro," said Ernie Schaub, EnPro president and chief executive officer. "It combines two excellent businesses to create a global market leader with expanded product offerings, increased technical capabilities and the capacity to provide improved service to its customers. The addition of CPI also transforms our compressor products business into a significant part of EnPro's core as we continue to achieve our strategic initiatives and build long-term value for our shareholders."
In a joint statement, Philip Hunt and Robin Wilson, founding owners of CPI said: "We are excited to be associated with France Compressor Products. The combined knowledge, expertise and experience of FCP and CPI will result in superior products and outstanding service for both existing and new customers worldwide."
In addition to its Hungerford location, CPI has maunfacturing facilities and sales offices in England, France, Australia, Brazil and the United States. CPI, incorporated in 1984, employs 170 people worldwide and has a global network of distributors and agents. Hunt and Wilson will remain with CPI and continue to work from the Hungerford office.
France Compressor Products, headquartered in Stafford, Texas, designs, manufactures and refurbishes reciprocating compressor sealing components. Additional France Compressor manufacturing or service and stocking facilities are located in Canada, France, Germany, Holland, China, Australia and the United States.
EnPro Industries, Inc. is a leader in sealing products and filament wound bearings, compressor systems, diesel and dual-fuel engines and other engineered products for use in critical applications by industries worldwide. For more information about EnPro, visit the company's website at: www.enproindustries.com.
For additional information on France Compressor Products; contact us at 281.207.4600. |