“After announcing the exit of GGB’s bushing block business in June, we are pleased to have received an offer from Melma Group to purchase and continue operating the business. This transaction represents a positive outcome for all stakeholders as it preserves the jobs of our former team members, mitigates customer disruptions, and supports progress toward reshaping our portfolio,” said Marvin Riley, President and Chief Executive Officer.
The completion of this transaction is consistent with EnPro’s strategy to focus its portfolio on materials science-based businesses with leading technologies, compelling margins, strong cash flow, and high levels of recurring revenue that serve markets with favorable secular tailwinds. The company will continue to apply the EnPro Operating System to enable continuous improvement and allocate capital, organically and inorganically, to drive growth in businesses with these characteristics with the goal of maximizing long-term shareholder returns.
Oneida Associes served as exclusive transaction advisory firm to EnPro, and Fiducial Legal by Lamy served as legal counsel.
GGB helps create a world of motion with minimal frictional loss through plain bearing and surface engineering technologies. With R&D, testing and production facilities in the United States, Germany, France, Brazil, Slovakia and China, GGB partners with customers worldwide on customized tribological design solutions that are efficient and environmentally sustainable. GGB’s engineers bring their expertise and passion for tribology to a wide range of industries, including automotive, aerospace and industrial manufacturing. To learn more about GGB’s surface engineering for reliable tribology, visit www.ggbearings.com.
GGB is an EnPro Industries company (NYSE: NPO).
EnPro is a leading technology company using materials science to push the boundaries of the semiconductor, life sciences, and other technology-enabled sectors. For more information about EnPro, visit the company’s website.
About Melma Group
Melma Group is an industrial group, headquartered in France with operations in France and Germany, with casting, boilermaking and machining capabilities.