NPO - EnPro sees net proceeds of $170M from divestiture of Compressor Products

EnPro Industries (NYSE:NPO) has completed the sale of Compressor Products International (CPI) to Howden Group for $195M.  The agreement was previously announced on October 12, 2021. CPI was previously included in Enpro’s Engineered Materials segment and comprised the majority of Enpro’s oil & gas end market exposure. Enpro expects to use after-tax net proceeds of approximately $170M from the sale of CPI to reduce debt incurred to partially fund the company’s recently completed acquisition of NxEdge, which is expected to reduce Enpro’s net leverage ratio to approximately 3.3x net debt to trailing-twelve-month adjusted EBITDA.

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EnPro sees net proceeds of $170M from divestiture of Compressor Products