Garlock Acquires Rubber Fab
Published: May 22nd, 2016
EnPro Industries Announces Agreement to Acquire Rubber Fab Gasket & Molding, Inc.
CHARLOTTE, N.C.–(BUSINESS WIRE)–EnPro Industries, Inc. (NYSE: NPO), a leading manufacturer of engineered industrial products, today announced it has reached an agreement to acquire the assets of Rubber Fab Gasket & Molding, Inc., a privately-held company offering a full range of high performance sanitary gaskets, hoses and fittings for the hygienic process industries. Rubber Fab will become part of EnPro’s Garlock Family of Companies, a leading global supplier of high performance sealing and fluid handling products to the chemical, power generation and oil & gas markets. The business will be acquired from Rubber Fab in a cash transaction. The transaction is expected to close on April 29, 2016. Terms were not disclosed.
Rubber Fab, headquartered in Sparta, NJ, is a recognized supplier of critical process consumables for the pharmaceutical, bio-processing and food & beverage sectors with revenues of approximately $17 million. The addition of Rubber Fab expands Garlock’s presence and scale in the hygienic market space and complements Garlock’s existing sealing solutions to provide a truly comprehensive portfolio. The company also brings a highly-skilled and experienced workforce of approximately 40 employees.
Eric Vaillancourt, president of Garlock said, “We are excited by the high level of industry focus, the breadth of innovative products and the strong distribution network that Rubber Fab brings to our business. We are confident that our combined capabilities will enhance our delivery of highly-engineered sealing components and fluid handling solutions to customers operating across all hygienic process industries. We welcome the Rubber Fab team to EnPro and Garlock, and we look forward to the benefits this business combination will afford our customers and employees.”
Bob DuPont, Sr., chief executive officer of Rubber Fab said, “Rubber Fab has a 20+ year record of providing innovative solutions to its customers in a market that continues to demand higher levels of performance and compliance. While we have experienced strong and consistent growth throughout our history, we realized that a larger platform would provide new and better opportunities to serve our customers at a global level and, in so doing, provide opportunities for our employees. EnPro and Rubber Fab share a very similar culture, and I am excited to join the EnPro team.”
Commenting on the acquisition of Rubber Fab, Steve Macadam, president and chief executive officer of EnPro Industries said, “The acquisition of Rubber Fab represents a clear commitment to invest in the Pharmaceutical, Food & Beverage sector that is a key part of Garlock’s strategic growth plan. Rubber Fab’s focus is highly complementary with Garlock’s strategic market focus, and the acquisition provides both product adjacency and customer intimacy that will create new growth opportunities for Garlock.”
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.
EnPro Industries, Inc.
Dan Grgurich, 704-731-1527
Director, Investor Relations and