Posted January 31, 2011

EnPro Industries acquires Pipeline Seal and Insulator

EnPro Industries has agreed to acquire Pipeline Seal and Insulator Inc. and its affiliates.

PSI is a privately-owned group of companies that manufacture products which ensure the safe flow of fluids through pipeline transmission and distribution systems, worldwide. The transaction, which is expected to close in the first quarter of 2011 and will be completed for cash, is subject to customary closing conditions.

PSI primarily serves the global oil and gas industry and water and wastewater infrastructure markets. It operates facilities in the United States, Germany and the United Kingdom, and will be included in EnPro's Garlock family of companies. The transaction is being consummated by a number of domestic and international EnPro subsidiaries not involved in Garlock Sealing Technologies, LLC's asbestos claims resolution process.

"PSI will be a significant addition to the Garlock family of companies and to their expertise in industrial sealing," said Steve Macadam, president and chief executive officer of EnPro. "The acquisition will expand these companies' manufacturing capability, increase their participation in global oil and gas markets and provide them with a larger and well-established presence in water and wastewater markets, where substantial demand is likely to be created by infrastructure improvements in coming years. At the same time, the acquisition will provide PSI with access to many new markets and improved opportunities for growth.

PSI employs about 200 people with primary manufacturing locations in Houston, Texas; St. Neots, United Kingdom; and Nehren and Furth, Germany. The company has additional locations in Dubai, and Kuala Lumpur, Malaysia.

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