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Two major compressor seal companies merge E nPro Industries Inc. has acquired Compressor Products International (CPI) a privately owned company that designs, manufactures and services sealing components for reciprocating compressors. The transaction was completed for cash; terms were not disclosed.
CPI, which is which is based at Hungerford, Berkshire, UK, designs and manufactures sealing components for reciprocating compressors and related equipment for both compressor manufacturers and for the oil, gas and petrochemical industries. It will be combined with the France Compressor Products (FCP) business of EnPro to create, according to EnPro, the largest manufacturer of reciprocating compressor sealing components in the world. The combined operations will conduct the business under the CPI name. The CPI operations in Hungerford and Braunton, UK will remain in place while the headquarters of the new company will be at the current FCP offices at Stafford, near Houston, USA.
"This acquisition is a very positive step for FCP and CPI, as well as for EnPro," said Ernie Schaub, EnPro president and chief executive officer. "It combines two excellent businesses to create a global market leader with expanded product offerings, increased technical capabilities and the capacity to provide improved service to its customers. The addition of CPI also transforms our compressor products business into a significant part of EnPro's core as we continue to achieve our strategic initiatives and build long-term value for our shareholders."
In a joint statement, Philip Hunt and Robin Wilson, founding owners of CPI said: "We are excited to be associated with France Compressor Products. The combined knowledge, expertise and experience of FCP and CPI will result in superior products and outstanding service for both existing and new customers worldwide." Hunt and Wilson will remain with CPI and continue to work from the Hungerford office.
It is planned that all CPI and FCP global operations of both companies will be continued, and where applicable integrated and developed to provide the optimum arrangement to serve each market region.
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