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Stock Market & Financial Investment News

News Breaks
May 28, 2014
17:31 EDTNPOEnPro reports deal to supply engine-generator sets to Electricite de France
Disclosed in a regulatory filing, Fairbanks Morse Engine, an EnPro Industries company, has been selected with consortium partner, Westinghouse France, to supply 23 3.5 MWe opposed-piston, diesel engine-generator sets to Electricite de France, EDF, for emergency back-up power at 20 of EDF’s nuclear power plants in France. Terms of the contract call for Fairbanks Morse to supply one 12-cylinder opposed-piston engine-generator set rated at 3.5 MWe for each of 20 of EDF’s nuclear reactors at eight sites in France, as well as two spare diesel generator sets and one model set. Delivery of the first units is expected in 2016 with the remaining units delivered before the end of 2018. Fairbanks Morse estimates that revenues to it under the contract to be approximately EUR89.2M, which are anticipated to be recognized over time under the percentage of completion method.
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July 1, 2015
09:01 EDTNPOEnPro acquires Veyance North American Spring Business from Continental AG
EnPro (NPO) Industries announced it has completed its acquisition of the Veyance North American air springs business from Continental AG (CTTAY). The acquisition agreement was previously announced on June 3, 2015, subject to certain regulatory approvals that have been cleared. The air springs business unit is the manufacturer of Goodyear air springs that are used in suspension systems, cabs and seats of commercial vehicles. Previously part of Veyance Technologies, Inc., which Continental AG acquired in January 2015, the business will become part of EnPro’s Stemco division. 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 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, Ohio. The addition of the air springs business unit significantly expands Stemco’s presence and scale in the commercial vehicle suspension market. The business generates approximately $100M in revenue with a fairly even split between OEM and aftermarket sales. EnPro paid approximately $20M for the business, which equates to approximately 4.1x EBITDA including estimated integration costs. The business brings a highly-skilled workforce of approximately 530 employees. EnPro will provide additional detail about the acquisition during its Q2 earnings call on July 31, 2015.

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