EnPro Industries NPO announced today that it has completed the sale of Quincy Compressor to the Atlas Copco Group under terms that were announced previously on December 18, 2009.
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"We are very pleased to close this transaction," said Steve Macadam, president and chief executive officer of EnPro. "The proceeds will enable us to continue our pursuit of acquisitions and internal initiatives for growth in areas where we have better market positions and more attractive prospects. At the same time, we are confident that Atlas Copco's strong focus on the compressor industry will bring greater long-term opportunities to Quincy."
EnPro expects to receive total proceeds of $190 million in cash for the sale, $184 million of which was received today. An additional $6 million will be due at the closing of the sale of Kunshan Q-Tech Air Systems Technologies, Quincy's China operations, which is expected later this year.
Forward-Looking Statements
Statements in this 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: the resolution of current and potential future asbestos claims against certain of our subsidiaries which depends on such factors as the possibility of asbestos reform legislation, the financial viability of insurance carriers, the timing of payments of claims and related expenses, the timing of insurance collections, limitations on the amount that may be recovered from insurance carriers, the bankruptcies of other defendants and the results of litigation; general economic conditions in the markets served by our businesses, some of which are cyclical and experience periodic downturns; prices and availability of raw materials; and the amount of any payments required to satisfy contingent liabilities related to discontinued operations of our predecessors, including liabilities for certain products, environmental matters, guaranteed debt and lease payments, employee benefit obligations and other matters. Our filings with the Securities and Exchange Commission, including the Form 10-K for the year ended December 31, 2008, and the Form 10-Q for the quarter ended September 30, 2009, describe these and other risks and uncertainties in more detail. We do not undertake to update any forward-looking statement made in this release to reflect any change in management's expectations or any change in the assumptions or circumstances on which such statements are based.
Atlas Copcois a world leading provider of industrial productivity solutions. The products and services range from compressed air and gas equipment, generators, construction and mining equipment, industrial tools and assembly systems, to related aftermarket and rental.
EnPro Industries, Inc. is a leader in sealing products, metal polymer and filament wound bearings, compressor components, 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.
SOURCE EnPro Industries, Inc.
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