NPO - Enpro to sell GGB business to Timken for $305M reviewing GPT sale

EnPro Industries ( NYSE: NPO ) said Tuesday it agreed to sell its GGB surface engineering solutions business to Timken ( NYSE: TKR ) for $305M in cash.

Enpro ( NPO ) said after the deal it will have a focused portfolio composed of its Advanced Surface Technologies and Sealing Technologies segments, which are "enduring, high-margin businesses with significant aftermarket exposure and recurring revenue streams."

GGB's revenue is expected to total ~$200M in FY 2022.

The company said it is also pursuing a strategic review of its Garlock Pipeline Technologies pipeline sealing and electrical isolation product manufacturing business.

Enpro ( NPO ) has continued to shift its business mix more toward the semiconductor industry which offers attractive long-term volume growth and good margins, Stephen Simpson writes in a bullish analysis posted on Seeking Alpha .

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