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Stemco

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About Stemco

EnPro is a real pro when it comes to sealing systems, engineered products, and heavy-duty engines. The company operates from three segments: Sealing Products (comprising product lines including GST, Stemco, and Plastomer Technologies); Engineered Products (GGB, Compressor Products International), and Engine Products & Services (Fairbanks Morse Engine). – more... Products include gaskets, hydraulic components, self-lubricating bearings, air compressors, vacuum pumps, and heavy/medium-duty diesel and natural gas engines. These serve the automotive, aerospace, chemical and petrochemical and food processing, power generation, and semiconductor industries. More than 50% of sales are generated by the US.

In addition to the US, EnPro serves customers in more than 100 countries, such as Canada, as well as many throughout Europe, Asia/Pacific, and South and Central America. The company has almost 50 manufacturing facilities located in the US and in nine other countries. Major customers include AREVA, Bayer, GE, Exxon Mobil, PACCAR, Lockheed Martin, and the US Navy.

Customers are served through EnPro's business segments. Sealing Products comprises GST (Garlock Sealing Technologies), which produces gaskets, seals, compression packing, and rubber products. Stemco manufactures heavy-duty truck and trailer wheel-end component parts and systems, while Plastomer Technologies specializes in tapes, sheets, and shapes made principally from polytetrafluoroethylene (PTFE). Bearing products, hydraulic and compressor components are manufactured by EnPro's Engineered Products segment though businesses that include GGP and Compressor Products International. Fairbanks Morse Engine markets diesel, natural gas, and dual fuel reciprocating engines for EnPro's Engine Products & Services segment.

With an intent to expand these operations and boost their market presence, EnPro re-evaluated its portfolio in 2009, developing a strategy through acquisitions of complementary businesses. In just 14 months, EnPro acquired seven companies. The strategy paid off by year-end 2010. Together, EnPro's segments posted an 8% increase in sales for 2010 over 2009, and its net income shot up to a gain of $155 million in 2010 over a loss of almost $140 million in 2009.

With cash in hand (from the sale of Quincy Compressor), EnPro lost no time in finding companies to acquire. With an interest in building its brake products group headed by subsidiary Stemco, EnPro purchased Motorwheel Commercial Vehicle Systems, which makes engineered critical brake components, from Precision Partners in 2012 for an undisclosed amount. The year before EnPro acquired Georgia-based Rome Tool & Die, a manufacturer of steel brake shoes. It also snagged Pipeline Seal and Insulator (PSI), which makes flange sealing and flange isolation products. PSI will serve as a draw to customers in the oil and gas industry and water and wastewater infrastructure markets. PSI was picked up to join Garlock. Additionally in 2011, its Engineered Products segment gained Mid Western companies and their portfolio of compressors and lubrication systems for the oil and gas industry in Western Canada. EnPro paid about $152 million for these three companies.

EnPro's Sealing Products segment in 2010 welcomed Hydrodyne, a maker of machined metallic seals used in the aerospace and nuclear industries. EnPro acquired Technetics Corporation in 2009, which opened the door for GST to enter the aerospace industry. Technetics brought many sealing products used by major aircraft engine makers such as Boeing and Airbus. Earlier in 2010 EnPro acquired CC Technology, Progressive Equipment, and Premier Lubrication Systems; all three companies, which design and manufacture lubrication systems, were incorporated into the Engineered Products segment.

The increase is also attributed to recovering markets and the company's improvement programs, which have managed raw material costs and bump up production efficiencies. Another main reason why EnPro was able to post positively was its decision to deconsolidate its core subsidiary GST from its 2010 financials. Since 2009 GST has been slammed by tens of thousands asbestos-related personal injury claims (it produced gaskets that contained encapsulated asbestos fibers). GST filed Chapter 11 bankruptcy protection in mid-2010, in an effort to handle the claims, while continuing to operate competitively.

With the deconsolidation of GST, the litigation load of charges was lightened from Sealing Products' bottom line, but even with Stemco improving on its own due to the recovery of the heavy-duty truck industry, the segment still posted sales slightly less than 2009. It was the company's second largest segment that pulled ahead in 2010 with a 27% increase in sales; Engineered Products gained 5 percentage points to grasp 35% of EnPro's total revenues. The company also got a hike in available cash due to its 2010 sale of its Quincy Compressor business to the Atlas Copco Group for about $190 million. (The decision to sell the company came during the company's re-evaluation efforts in 2009.) With the cash infusion, EnPro was able to invest in more promising segments, as well as pursue new business opportunities. It is no coincidence that many of the acquisitions fed EnPro's Sealing Products segment. The company aimed to improve its Garlock Seals Group and its primary subsidiary GST in the throes of asbestos litigation.

EnPro was created as a subsidiary of Goodrich Corporation in 2002 after Goodrich acquired Coltec Industries. That same year EnPro was spun off from Goodrich as an independent company. – less

Stemco Employer Reviews

Inventory Specialist (Current Employee), Rome, GAJanuary 6, 2014
Sales Executive (Former Employee), Rome, GAAugust 5, 2013
Quality Engineer (Current Employee), Longview, TXApril 9, 2012

Working at Stemco

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