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Subsequent Events
12 Months Ended
Dec. 31, 2023
Subsequent Events [Abstract]  
Subsequent Events
21.Subsequent Events
On December 28, 2023, EnPro Holdings entered into an agreement to acquire Advanced Micro Instruments, Inc. (“AMI”) for $210 million in cash, subject to customary purchase price adjustments related to the final acquisition date net working capital determination. We estimate that approximately 3% of the total consideration given for the acquisition of AMI is related to net tangible assets, excluding cash.
AMI is a leading provider of highly-engineered, application-specific analyzers and sensing technologies that monitor critical parameters to maintain infrastructure integrity, enable process efficiency, enhance safety, and facilitate the clean energy transition. The acquisition closed on January 29, 2024 and thus the assets and operating results of AMI are not included in our 2023 financial statements. AMI will be included as part of our Sealing Technologies segment.
Based in Costa Mesa, California, AMI serves customers in the midstream natural gas, biogas, industrial processing, cryogenics, food processing, laboratory, wastewater and aerospace markets. The company offers a portfolio of oxygen, hydrogen sulfide and moisture analyzers and proprietary sensing capabilities that detect contaminants in a variety of processes, including natural gas and biogas streams, which enable operators to avoid flaring and, thereby, reduce CO2 emissions.
On February 21, 2024, we acquired all outstanding equity interests of the Alluxa Acquisition Subsidiary for $17.9 million and became the sole owner of the Alluxa. For an additional discussion on the equity interests of the Alluxa Acquisition Subsidiary, see Note 2, "Acquisitions".