EnPro Industries selling its Fairbanks Morse division to an affiliate of funds managed by private equity firm Arcline Investment Management
The company was founded in 2018 and the new owner of Arcline is a private joint-stock company with a mandatory capital of $ 1.5 billion. The USA, which invests in the niche of leading companies in the market that we strive to own in accordance with its website.
Arcline said in its release that it prides itself on investing in a company that is critical to our national interests. We strive to develop and strengthen Fairbanks Mores’ reputation for more than 120 years – reliability, reliability and innovation in servicing our regular customers.
In early 2019, Arcline agreed to acquire the Baker Hughes piston division, which produces and services industrial engines and compressors embedded in natural gas pipelines operated by oil and gas companies. The company has a large stake: Arcline also acquired a controlling stake in Akron Biotechnology, a provider of cGMP-compatible products and services needed to produce modern therapeutic drugs such as cell therapies, gene therapies and engineering organizations.
Fairbanks Morse has a 125-year history and can provide a wide range of distributed power generation solutions, from basic loads and backup power supplies for municipal, nuclear and institutional facilities to locomotive engines, as well as naval and commercial-grade ship propulsion and shipboard power.
The transaction is subject to usual closing conditions, including regulatory approvals, and is expected to be completed on March 31, 2020. The EnPro Power Systems division will be listed in the fourth quarter and throughout 2019 and all previous quarterly and annual financial results. In accordance with accounting requirements, EnPro will be redesigned to reflect Fairbanks Morse as a discontinued operation.