CHARLOTTE, N.C.—Acquisitions made by two EnPro Industries Inc. subsidiaries in separate transactions will allow the company's Sealing Products segment to expand its product line and geographic growth.
The remaining interest in joint venture Stemco Crewson L.L.C., formed in 2009, was purchased by EnPro subsidiary Stemco L.P. from Tramec L.L.C., while in the other deal Garlock Taiwan Corp. bought Strong-Tight Co. Ltd.
The two acquisitions “are small but important transactions that support our growth strategy,” according to Steve Macadam, president and CEO of Charlotte-headquartered EnPro.
Stemco and Garlock Taiwan are part of the company's Sealing Products operation.
Financial details of the purchases were not released.
Acquiring the remaining interest in Stemco Crewson, a producer of automatic brake adjusters, will allow Stemco to accelerate its investment in new product development and commercial strategies focused on market share growth, EnPro said.
Macadam noted that the addition of the entire Stemco Crewson business, which primarily manufacturers its products for the commercial vehicle industry, will enable Stemco to continue to grow in the heavy duty truck market.
The joint venture was formed by Stemco and Tramec in 2009 to expand Stemco's brake product portfolio to include automatic brake adjusters.
Longview, Texas-based Stemco's primary market is the U.S., with additional sales in Canada and Mexico, a spokesman said.
In addition to its plant in Longview, the maker of seals, bearings, hub caps and other products has factories in Georgia, Michigan, New York, Tennessee, Kentucky and China.
In the second transaction, the addition of Strong-Tight to the firm's fold gives Garlock Taiwan an additional established Asian marketing presence and a manufacturing facility from which the company can further serve and grow in the Asian market, EnPro said.
Based in Kaohsiung, Taiwan, Strong-Tight is a manufacturer of gaskets and industrial sealing products. Macadam said it “provides Garlock with an important toehold to increase the brand's presence in Asia.”
Strong-Tight operates a plant in Taiwan and has a work force of about 20, the spokesman said. The firm's management team and employees are expected to be retained by Garlock, he said.