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EnPro asks shareholders to hold off on voting

EnPro Industries Inc., the parent company of Palmyra-based Garlock Sealing Technologies LLC, urged shareholders Thursday not to support a slate of nominees for the company’s board of directors proposed by one of its largest shareholder, Steel Partners II L.P.

EnPro asks shareholders to hold off on voting

EnPro Industries Inc., the parent company of Palmyra-based Garlock Sealing Technologies LLC, urged shareholders Thursday not to support a slate of nominees for the company’s board of directors proposed by one of its largest shareholder, Steel Partners II L.P.
Steel Partners filed a proxy statement with the Securities & Exchange Commission Wednesday outlining reasons why it believes EnPro’s board is not acting in the best interest of the stockholders. Steel Partners holds 11.3 percent of EnPro’s outstanding common stock. Steel Partners also has suggested selling EnPro and made an acquisition bid on it last summer.
North Carolina-based EnPro said it would file its own proxy statement shortly, which would include a list of board nominees.
“Our board of directors has thoroughly reviewed Steel Partners’ suggestions and determined that they are not in the best interests of our company or our shareholders,” said Ernest Schaub, Enpro president and CEO, in a statement. “Over the past six years, we have executed on a strategic plan that has delivered strong returns to our shareholders, including significant growth in sales, dramatic improvements in profitability and an appreciation in share price of over 300 percent.
“We are confident of our ability to continue to execute our strategic plan and believe this plan clearly provides the best opportunity to enhance shareholder value over the long term.”
EnPro announced last week a $100 million share repurchase program that leaders said would strike an appropriate balance between returning cash to EnPro shareholders and maintaining the flexibility required to pursue its objectives for growth.
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