Enpro Inc 8-K/A, filed Dec 1, 2020
Enpro Inc. (NPO)
8-K/A
2020-12-01
For: 2020-06-12
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Added on
April 12, 2026
About this 8-K/A
Enpro Inc filed this 8-K/A on December 1, 2020, reporting on events of June 12, 2020.
Items reported
- Item 2.05: Exit or restructuring costs
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
(Amendment No. 1)
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): June 12, 2020
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(704 ) 731-1500
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Item 2.05 Costs Associated with Exit or Disposal Activities.
This Amendment No. 1 on Form 8-K/A amends the Form 8-K (the “Form 8-K”) of EnPro Industries, Inc. (the “Company”) filed on June 18, 2020, which reported the Company’s intent to exit the bushing block business (the “Bushing Block business”) of its Engineered Products segment principally based in Dieuze, France (the “Project”). At the time of the filing of each of the Form 8‑K and the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2020, the Company was not able to estimate the total amount or range of amounts expected to be incurred in connection with the Project, as well as an estimate of amounts for each major category of costs and an estimate of the amount that will result in future cash expenditures. Accordingly, no portion of the restructuring charges related to the Project had been accrued as of June 30, 2020.
As reported in the Company’s Form 10-Q for the period ended September 30, 2020, as required by local law, the Company continued to explore the possible sale of the Bushing Block business as it proceeded with plans to exit the Bushing Block business through a shutdown. As part of that process, it identified a buyer to purchase the Bushing Block business operated at the Dieuze facility and entered into a binding put option agreement with such buyer. The put option agreement provided the Company with the right to sell the Bushing Block business to such buyer pending conclusion of a review process by the Works Councils representing the employees at the Dieuze facility. Accordingly, the Company classified the assets and liabilities of the Bushing Block business as held for sale on its consolidated balance sheet at September 30, 2020 and recorded for the three months ended September 30, 2020 a $6.2 million impairment of the Bushing Block business, which includes non-cash impairments of long-lived assets and cash payable to the buyer upon closing as described in the Company’s Form 10-Q for the period ended September 30, 2020.
On November 30, 2020, the Company entered into a definitive agreement with the identified buyer for the sale of the Bushing Block business operated at the Dieuze facility and completed the sale. In light of the successful completion of the sale, the Company does not anticipate incurring any material restructuring charges associated with the Project.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: December 1, 2020
| ENPRO INDUSTRIES, INC. | ||||||||
| By: | /s/ Robert S. McLean | |||||||
| Robert S. McLean | ||||||||
| Executive Vice President, General Counsel and Secretary | ||||||||
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