Enpro Inc. to Acquire Advanced Micro Instruments, Inc.
28 Diciembre 2023 - 5:30AM
Business Wire
AMI to become part of Enpro’s Sealing
Technologies Segment, Expanding Core Capabilities into
Compositional Analysis, a Growing Area in the Test &
Measurement Industry
AMI’s Innovative Analyzer and Sensor Portfolio
Adds Capabilities to the Sealing Technologies Segment that Support
the Safeguarding of Critical Environments
Accretive to Sealing Technologies Growth Rate,
Segment Profitability and Enpro Adjusted Diluted Earnings Per
Share
Enpro Inc. (NYSE: NPO), an industrial technology company, today
announced that it has entered into a definitive agreement to
acquire Advanced Micro Instruments, Inc. (“AMI”), a leading
provider of highly-engineered, application-specific analyzers and
sensing technologies that monitor critical parameters to maintain
infrastructure integrity, enable process efficiency, enhance
safety, and facilitate the clean energy transition. Under the terms
of the agreement, Enpro will acquire AMI for $210 million in cash,
representing a valuation of approximately 13x normalized 2023
EBITDA.
Based in Costa Mesa, California, AMI serves customers in the
midstream natural gas, biogas, industrial processing, cryogenics,
food processing, laboratory, wastewater and aerospace markets. The
company offers a portfolio of oxygen, hydrogen sulfide and moisture
analyzers and proprietary sensing capabilities that detect
contaminants in a variety of processes, including natural gas and
biogas streams, which enable operators to avoid flaring and,
thereby, reduce CO2 emissions.
Upon closing, AMI will be included in the Sealing Technologies
segment, adding to the segment’s portfolio of products and
solutions that safeguard critical environments. The acquisition is
expected to be accretive to segment revenue growth and
profitability, in addition to Enpro’s adjusted diluted earnings per
share.
“Acquiring AMI, an industry leader, will build on our strategy
to invest in products and technologies that safeguard critical
environments in key secular growth markets,” said Eric
Vaillancourt, President and Chief Executive Officer. “AMI’s
innovative analyzer and sensor solutions will add to our existing
portfolio of critical process technologies in the Sealing
Technologies segment, and this acquisition will be an important
step forward in expanding our capabilities into compositional
analysis. We look forward to welcoming the talented AMI team to the
Enpro family of companies and capitalizing on our combined
capabilities.”
“We look forward to joining the Enpro family and this is an
exciting next chapter for AMI,” said Kevin Bates, President and
Chief Executive Officer of AMI. “AMI fits squarely into Enpro’s
portfolio of leading-edge solutions in a variety of growing end
markets that have strong technological and applied engineering
advantages. Enpro is the ideal partner for us to accelerate our
future growth.”
The transaction is expected to close in early 2024, subject to
limited closing conditions, including regulatory approvals.
About Enpro
Enpro is a leading industrial technology company focused on
critical applications across many end-markets, including
semiconductor, industrial process, commercial vehicle, sustainable
power generation, aerospace, food and pharma, photonics and life
sciences. Headquartered in Charlotte, North Carolina, Enpro is
listed on the New York Stock Exchange under the symbol “NPO”. For
more information about Enpro, visit the company’s website at
https://www.enpro.com.
About Advanced Micro Instruments, Inc.
AMI is a majority-owned portfolio company of McNally Capital,
LLC, a Chicago-based private equity firm. AMI is a leading provider
of highly engineered, application-specific analyzers and sensing
technologies. Based in Costa Mesa, California, AMI serves customers
in the midstream natural gas, biogas, industrial processing,
cryogenics, food processing, laboratory, wastewater, and aerospace
markets. The company offers a portfolio of oxygen, hydrogen
sulfide, and moisture analyzers and proprietary sensing
capabilities that detect contaminants in a variety of processes,
including natural gas and biogas streams, which enable operators to
avoid flaring and, thereby, reduce CO2 emissions. For more
information, please visit https://www.amio2.com.
Forward-Looking Statements
Statements in this press release that express a belief,
expectation or intention, as well as those that are not historical
fact, are forward-looking statements under the Private Securities
Litigation Reform Act of 1995. They involve a number of risks and
uncertainties that may cause actual events and results to differ
materially from such forward-looking statements. These risks and
uncertainties include, but are not limited to: the possibility that
necessary regulatory approvals may not be obtained or that other
conditions to closing may not be satisfied such that the
acquisition of AMI will not close or that the closing may be
delayed; the possibility of unexpected costs, liabilities or delays
in connection with the transaction; risks that the acquisition of
AMI disrupts current plans and operations of Enpro; the ability to
recognize the anticipated benefits of the transaction; the outcome
of any legal proceedings that may arise with respect to the
transaction; and the occurrence of any event, change or other
circumstances that could give rise to the termination of the
agreement for the acquisition of AMI. Enpro’s filings with the
Securities and Exchange Commission, including its most recent Form
10‑K and Form 10‑Q, describe other risks and uncertainties. Enpro
does not undertake to update any forward-looking statements made in
this press release to reflect any change in management’s
expectations or any change in the assumptions or circumstances on
which such statements are based.
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version on businesswire.com: https://www.businesswire.com/news/home/20231228647846/en/
Investor Contacts: Milt Childress Executive Vice
President and Chief Financial Officer James Gentile Vice President,
Investor Relations 704-731-1527 investor.relations@enpro.com
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