Enpro agrees to sell CPI business to Howden for $195M (10.4x adj. EBITDA)

Enpro Inc.

Purchase price of $195M equates to approximately 10.4x adjusted LTM EBITDA.
Transaction expected to close in Q1 2022, subject to customary regulatory approvals.
CPI provides reciprocating compressor products and services for petrochemical and oil & gas industries.
Divestiture advances Enpro's portfolio shift toward semiconductor, photonics, food/pharma, and aerospace.
After sale, Engineered Materials segment will consist of GGB and Garlock Pipeline Technologies (GPT).

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