Date: 2013-08-01

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

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.

Previous: NSK Solves Water Ingress Problem on Auger Bearings
Next: Royal Bearing, Inc. Announces Integration of Bearing Inventory Purchased from Maytag Facility

Hot Products:

Product Model	Inside Diameter	Outside Diameter	Thickness
7204DT KOYO	20	47	28
7004CDT KOYO	20	42	24

【TradeBearings News Statement】

1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"TradeBearings".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.