EnPro Industries Acquires Tara Technologies
EnPro Industries Acquires Tara Technologies, Creates Business Unit Dedicated to High Performance Products
CHARLOTTE, N.C., August 1, 2011 -- EnPro Industries Inc. (NYSE: NPO), a leading manufacturer of engineered industrial products, today announced it has acquired Tara Technologies Corporation, a privately-held company that offers highly engineered products and solutions to the semiconductor, aerospace, energy and medical markets. Tara will be combined with the businesses in EnPro's High Performance Seals (HPS) group to form a new EnPro business that will go to market as the Technetics Group.
"The Technetics Group unites highly-regarded companies which share common visions, common markets and complementary products," said Steve Macadam, president and chief executive officer of EnPro Industries. "It leverages Tara's expertise in assemblies, systems integration, and surface technologies with the HPS group's experience in the manufacture of precision components to provide industry-leading support to original equipment manufacturers. Tara also brings a highly-skilled technical workforce and a shared culture of continuous improvement which will allow us to accelerate our growth in key markets and our service to our customers."
Gilles Hudon has been named president of the Technetics Group, which will be headquartered in Columbia, South Carolina. He will report to Dale Herold, division president of EnPro's Garlock family of companies.
Colm Lanigan, chief executive officer of Tara Technologies and managing partner of Tara Capital said, "Tara Technologies has a 50 year record of providing world class products to its customers. While we have expanded significantly in the past five years, we realized a larger platform would enable us to best serve our customers. We believe EnPro's model provides the scale and resources to drive further success. EnPro and Tara share a similar focus on product excellence and the customer, making EnPro an excellent partner for the future of Tara and its employees."
"We are enthusiastic about the opportunities available to the Technetics Group," said Hudon. "This combination of businesses creates highly desirable capabilities that enable us to offer complete solutions to our customers, including the manufacture of precision components, the assembly of components into finished products, and the integration of these assemblies into our customers' systems. In addition, our group now has expertise in the technology required to create and apply highly sophisticated surface coatings that allow our products to operate in demanding environments. We are very pleased with this combination, and we look forward to the benefits it will afford our customers."
In addition to Tara, which is headquartered in Daytona Beach, Florida, with facilities in San Carlos, California and Singapore, the EnPro businesses that will make up the Technetics Group are:
o Technetics, located in Deland, Florida, which manufactures unique metal sealing products used
in aerospace and energy industries;
o Helicoflex, located in Columbia, South Carolina, and HPS operations located in St-Etienne and
Montbrison, France, manufacturers of high-performance metal seals for use in power generation,
aerospace and other industries;
o Hydrodyne, located in Burbank, California, a manufacturer of machined metallic seals, bellows
and other specialized components used in space and nuclear applications;
o Wide Range Elastomers, located in Leicester, England, which manufacturers rubber moldings,
extrusions and gaskets used in the aerospace and pharmaceutical industries;
o Plastomer Technologies, located in Houston, Texas, a manufacturer of a variety of highperformance
PTFE products; and
o Robix, located in Hungerford, England, which manufactures injection molded parts from highperformance
polymers.
The acquisition of Tara Technologies was completed for cash. Tara Technologies was owned by an affiliate of lead investor Tara Capital Inc. and Balmoral Fund I, L.P. Terms were not disclosed.
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 www.enproindustries.com.
Tara Capital is a New York based private investment firm founded by Colm Lanigan in 2006. Tara Capital focuses on investing in leading middle market businesses, actively partnering with management to drive growth and operational excellence. Particular areas of focus are manufacturing of engineered products and select service industries. For more information, contact colm@taracap.com.
Balmoral Fund I L.P., a Los Angeles based private equity fund advised by Balmoral Advisors LLC, invests in special situations, recapitalizations, and acquisitions of small and middle-market companies. To learn more about Balmoral, please visit www.balmoralfunds.com.
