Paragould, Arkansas — EnPro Industries Inc. has completed the sale of its Garlock Rubber Technologies business to a recently formed investor group for about $44 million.
Called GRT Rubber Technologies LLC, the investor group was led by Main Street Capital Corp, an investment firm that provides long-term equity and debt capital to lower-middle and middle market companies. It was an all-cash transaction.
Paragould-headquartered Garlock Rubber is a producer of conveyor belts and sheet rubber for a diversified array of end markets.
Sale of the operation represents a concerted effort by EnPro to reallocate capital to businesses that are central to the company’s future growth, according to Steve Macadan, president and CEO of EnPro.
Garlock Rubber did not fit in with the firm’s primary businesses, including the production of sealing goods, metal polymer and filament wound bearings, components and services for reciprocating compressors, diesel and duel-fuel engines, and other engineered products, a spokesman said.