CHARLOTTE, N.C.—EnPro Industries Inc. plans to divest its polymer components business, saying Sept. 3 it secured a buyer in Cleveland-based Edgewater Capital Partners.
Under Edgewater ownership, the business will be renamed Altamira Material Solutions.
EnPro's polymer components business is headquartered in Houston and has two production facilities in Texas and one in Pennsylvania.
"We are very appreciative of our colleagues' dedication to producing high-quality products and providing reliable service that our customers have come to expect," Eric Vaillancourt, interim president and CEO of Enpro, said in a statement. "We wish for their continued success as they move forward as Altamira with Edgewater's support."
Terms of the deal were not disclosed, though EnPro noted in a release that its polymer components business unit, part of its Sealing Technologies segment, posted revenue of about $20 million in the first half of 2021.
EnPro Sealing Technologies companies include Garlock, Stemco and Technetics Group. Garlock operates two segments: Garlock Sealing Technologies and Garlock Hygienic Technologies, the latter of which includes Rubber Fab and Asceptic Group.
Vaillancourt characterized the divestiture as part of a "multi-faceted strategy to transform EnPro into a leading industrial technology company."
Enpro says it is focusing on "niche applications across many end-markets, including semiconductor, general industrial, aerospace, food and pharma and life sciences."
This marks the second rubber-related divestiture EnPro has agreed to in the last 13 months. In August 2020, the company agreed to sell its Stemco air springs business to private equity firm Turnspire Capital Partners L.L.C. for $32 million in cash and a $7.5 million long-term promissory note. That deal closed in November.