EnPro to Take After-tax Charge of $84.1M in 2Q

Resource from: CBCC Likes:2926

Jul 21,2009

EnPro Industries Inc., a supplier of sealing products, bearings and other items, said Monday it will take a net after-tax charge of $84.1 million in the second quarter to account for a goodwill impairment. EnPro Industries ( NPO - news - people ) said before taxes it will take a goodwill impairment charge of $113.1 million related to its acquisition of GGB Bearing Technology and Plastomer Technologies businesses in 2001. The goodwill was impaired largely because the businesses' near-term outlook has been weakened by the global recession, EnPro Industries said. "The impairment of goodwill in no way changes our view of these businesses," said Steve Macadam, president and CEO. "We continue to believe they are fundamentally sound, and we are confident they will generate strong returns in the future." The Charlotte, N.C., company also said it will post a pretax gain of $19.2 million following the reduction of the estimated liability for retiree medical benefits associated with a business previously owned by a subsidiary. With an applied tax rate, the net after-tax charge will be $84.1 million, or $4.21 per share. EnPro plans to report its second-quarter results on Aug. 4. Shares fell 17 cents to $16.76 in morning trading.

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