EnPro Industries Enters Agreement to Acquire Veyance North-American Air Spring Business, Manufacturer of Goodyear Air Springs
June 3, 2015 | By Business Wire News
CHARLOTTE, N.C.
EnPro Industries Inc. (NYSE: NPO), a leading manufacturer of engineered industrial products, today announced it has entered into an agreement to acquire the Veyance North-American air spring business from Continental AG subject to certain regulatory approvals. The air springs business unit is the manufacturer of Goodyear air springs which are used in the suspension systems of commercial vehicles. It will become part of EnPro’s Stemco division within the Sealing Products segment. Stemco is a leader in the technology and manufacture of commercial vehicle wheel end, braking, and suspension components, as well as innovative tire and mileage solutions. The air springs business unit was previously part of Veyance Technologies, Inc. which Continental AG acquired in January 2015. EnPro has entered into an agreement to acquire the air springs business unit from Continental AG in a cash transaction. Terms were not disclosed. The transaction is subject to regulatory approval in the U.S., Brazil, and Mexico and is expected to close in July.
The air spring business unit manufactures Goodyear air springs products in its facility in San Luis Potosi, Mexico with a commercial organization in the U.S., Canada, and Mexico, and engineering, testing, and administrative resources in Fairlawn, OH. The addition of the air spring business unit significantly expands Stemco’s presence and scale in the commercial vehicle suspension market. The business also brings a highly-skilled workforce of approximately 530 employees.
Todd Anderson, president of EnPro’s Stemco division, said “The air spring business unit carries with it premium product performance. We are looking forward to the air springs team joining the Stemco family. Their record of success coupled with Stemco’s commercial vehicle market focus, product technology and outstanding reputation for training and customer support fits Stemco’s strategic growth strategy.”
Jon Cocco, head of the air spring business unit said, “This is a unique opportunity for both EnPro’s Stemco business and our air spring business to combine efforts towards delivering the highest value to our customers. EnPro has a proven track record of investing in both people and businesses which is a great recipe for future success.”
Commenting on the pending acquisition of the air spring business unit, Steve Macadam, president and chief executive officer of EnPro Industries said “Stemco has had a strong track record of growth in the commercial vehicle space. This acquisition provides another complementary addition to the Stemco business which it will leverage for additional growth opportunities. We are excited for the air spring team to join our company.”
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.
Note: The GOODYEAR trademark is used by Veyance Technologies, Inc. under license from The Goodyear Tire & Rubber Company.
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Investor Contact:
EnPro Industries Inc.
Dan Grgurich
Director, Investor Relations and Corporate Communications
704-731-1527
dan.grgurich@enproindustries.com
