Enpro Inc. (NYSE: NPO)

Enpro Inc. is a leading edge industrial technology company that designs, develops, manufactures and markets proprietary, value added products and solutions for critical applications across diverse end markets including semiconductor, industrial process, commercial vehicle, sustainable power generation, aerospace, food and biopharmaceuticals, photonics and life sciences. The company focuses on safeguarding critical environments by providing engineered seals, gaskets, sensing instruments, surface treatment solutions and related aftermarket services. Its operations are organized into two reporting segments that serve these markets with engineered components and specialty technologies.

Enpro Inc. generates revenue primarily through the sale of its engineered products and aftermarket services to original equipment manufacturers, distributors, engineering and construction firms and end user customers worldwide. The company’s product portfolio includes metallic and non metallic gaskets, dynamic seals, compression packing, mechanical seals, elastomeric components, wheel end and suspension systems, high performance metal seals, test and measurement sensors, optical filters, thin film coatings and semiconductor wafer processing sub systems. Aftermarket or recurring revenue accounts for roughly two thirds of the Sealing Technologies segment’s total sales, contributing to stable cash flows. In 2025, total third party sales reached $1,143.3 million, with geographic breakdown of $647.1 million in the United States, $247.3 million in Asia Pacific, $162.4 million in Europe and $86.5 million in the Rest of World.

The company operates through the following segments:

• Sealing Technologies: This segment designs, engineers and manufactures value added sealing solutions such as metallic, non metallic and composite gaskets, dynamic seals, compression packing, elastomeric components, hydraulic components, test and measurement sensing devices, sanitary gaskets, hoses and fittings for hygienic processes, fluid transfer products for pharmaceutical and biopharmaceutical industries and commercial vehicle wheel end and suspension systems. It serves markets including chemical and petrochemical processing, nuclear energy, hydrogen, natural gas, food and biopharmaceutical processing, primary metal manufacturing, mining, water and waste treatment, aerospace, medical, filtration and semiconductor fabrication. Aftermarket or recurring revenue represents approximately two thirds of the segment’s total sales.

• Advanced Surface Technologies: This segment provides precision machining, cleaning, coating, refurbishment and optical filter solutions for semiconductor wafer processing equipment, space and defense applications and life science and industrial technology markets. Its businesses include NxEdge, which offers advanced manufacturing and surface treatment services; Technetics Semi, which engineers front end wafer processing sub systems and edge welded metal bellows; LeanTeq, which delivers cleaning, coating, testing, refurbishment, metrology and verification for advanced node semiconductor equipment; and Alluxa, which manufactures specialized optical filters and thin film coatings using proprietary coating processes. The segment serves customers such as leading semiconductor equipment manufacturers, life science and industrial technology equipment providers and government defense contractors.

Enpro Inc. holds a strong position in the industrial technology sector due to its proprietary engineering expertise, broad product breadth and reputation for reliability and performance in critical applications. Competitive advantages include long standing brand names such as Garlock®, Technetics®, STEMCO® and Advanced Micro Instruments®, deep application knowledge, robust aftermarket relationships and a focus on high barrier to entry niches. While the company faces competition from numerous providers in sealing, surface treatment and precision machining markets, no single competitor dominates the fragmented landscapes in which Enpro operates, allowing it to leverage its technology and service differentiation to maintain premium pricing and specified positions with key customers.

Enpro Inc. sells its products and solutions to a global customer base that includes original equipment manufacturers, distributors, engineering and construction firms and end users across sectors such as semiconductor manufacturing, aerospace, commercial vehicle, food and biopharmaceuticals, power generation and oil and gas. Specific customers cited in the filing include leading semiconductor equipment manufacturers Applied Materials and ASML, as well as life science and industrial technology equipment providers and various government defense contractors. Approximately 41% of Sealing Technologies sales and 48% of Advanced Surface Technologies sales are generated outside the United States, reflecting the company’s international reach.