EnPro Industries Announces Acquisitions of Remaining Interest in Stemco Joint Venture, Asian Industrial Seal Manufacturer
Resource from: EnPro Industries, Inc. Likes:223
Mar 06,2014
CHARLOTTE, N.C., Mar 05, 2014 (BUSINESS WIRE) --EnPro Industries, Inc. (NYSE: NPO) announced today the closing of transactions that provide for product line and geographic expansion in the company’s Sealing Products segment.
EnPro’s Stemco LP subsidiary has acquired the remaining interest of the Stemco Crewson LLC joint venture from Tramec, LLC. The joint venture was formed in 2009 to expand Stemco’s brake products offering to include automatic brake adjusters. The purchase of the remaining interest in the joint venture will allow Stemco to accelerate investment in new product development and commercial strategies focused on market share growth for these products.
In a separate transaction, Garlock Taiwan Corporation, a member of the Garlock family of companies, has acquired the assets of Strong-Tight Co. Ltd., a maker and seller of gaskets and industrial sealing products. The acquisition adds an established Asian marketing presence and manufacturing facilities from which the Garlock family of companies can serve the fast-growing Asia market.
“These are small but important transactions that support our growth strategy,” said Steve Macadam, president and chief executive officer of EnPro, “Stemco Crewson enables Stemco to continue to grow in an attractive segment of its heavy-duty truck market. Strong-Tight provides Garlock an important toehold to increase the brand’s presence in Asia. We look forward to their benefits”
Terms of the transactions were not disclosed.
About EnPro Industries
EnPro Industries, Inc. is a leader in sealing products, metal polymer and filament wound bearings, components and service for reciprocating compressors, 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 http://www.enproindustries.com.
(EnPro Industries, Inc.)
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