EnPro Industries (NPO) Comments on Steel Partners' January Letter

February 6, 2008 9:15 AM EST

The board of directors of EnPro Industries (NYSE: NPO) received a letter January 30th, from Warren Lichtenstein's Steel Partners outlining several alternatives which Steel believed would improve the value of EnPro's shares. The letter also referenced a verbal inquiry made by Steel in June 2007 about a possible sale of EnPro to Steel.

When the board met on July 17, 2007, to discuss the inquiry, the price of the shares was trading in a range between $44 and $46 a share. At the meeting, the board unanimously determined that the time was not right for the sale of EnPro. The determination was made based on the board's opinion that the company could obtain greater long-term value by continuing to execute its strategic plan for growth through selected acquisitions and investment in the company's operations.

EnPro's board will fully evaluate the alternatives outlined by Steel Partners in its January letter, and the company will provide an update to the market at the appropriate time.

EnPro Industries, Inc. is a leader in sealing products, metal polymer and filament wound bearings, compressor systems, diesel and dual-fuel engines and other engineered products for use in critical applications by industries worldwide.

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