EnPro Industries at Oppenheimer Conference: Strategic Growth Unveiled

On Thursday, 08 May 2025, EnPro Industries (NYSE:NPO) shared its strategic vision at the Oppenheimer 20th Annual Industrial Growth Conference. Led by CFO Joe Broderick, the discussion focused on EnPro 3.0, emphasizing growth and profitability amid market challenges. While highlighting the company’s resilience, Broderick also addressed potential risks, including tariffs and economic downturns.

Key Takeaways

• EnPro 3.0 strategy aims for accelerated growth and profitability.
• Focus on organic and inorganic growth, particularly through strategic acquisitions.
• Emphasis on Sealing Technologies and Advanced Surface Technologies (AST) segments.
• Minimal direct tariff impact due to a localized supply chain.
• Commitment to shareholder value through consistent dividend increases.

EnPro Overview and Strategy

EnPro 3.0 is the latest strategic initiative, following the successful EnPro 2.0, which expanded margins by 1,000 basis points and increased market capitalization by 2.5 times. The company’s portfolio is divided into Sealing Technologies, comprising two-thirds of revenue, and AST. Sealing Technologies is expected to grow mid-single digits organically, while AST targets high single to low double-digit growth. EnPro has allocated 1.5 billion dollars for mergers and acquisitions, focusing on businesses aligned with strategic themes.

Tariff and Macroeconomic Exposure

EnPro’s direct tariff impact is minimal, with exposure in the single-digit millions, mitigated by a diversified, primarily North American supply chain. Historically, EnPro has shown resilience during economic downturns, thanks to a substantial aftermarket component.

Sealing Technologies

Sealing Technologies focuses on markets such as space, aerospace, food and pharma, and sustainable power generation, including nuclear. The segment boasts strong market leadership with a significant aftermarket presence.

Advanced Surface Technologies (AST)

AST serves the semiconductor industry, providing manufacturing and services to equipment OEMs and chip manufacturers. The segment is investing in precision cleaning and onshoring, with facilities in California, Arizona, and Boise, aiming to keep semiconductor exposure at or below 25% of the portfolio.

Capital Allocation

EnPro prioritizes organic growth investments and strategic M&A, alongside returning value to shareholders through dividends, increased for ten consecutive years. Recent acquisitions include Advanced Micro Instruments in the test and measurement sector.

For a detailed understanding, readers are encouraged to refer to the full transcript.

Full transcript - Oppenheimer 20th Annual Industrial Growth Conference:

Ian Zaffino, Equity Research Analyst: Thank you. Good afternoon, everybody. I am Ian Zaffino. I am the equity research analyst covering EnPro. Thank you everybody for joining our industrial conference today.

With me from the company will be Joe Broderick and also James Chantille. Joe is the CFO and James is the vice president of investor relations. So with that, guys, thanks for for joining us, and we appreciate you you being here.

Joe Broderick, CFO, EnPro: Pleasure, Ian. Thank you.

Ian Zaffino, Equity Research Analyst: So I figured let’s just kind of take a step back, not that we move forward yet. But, give us a sense of who EnPro is, what you guys do, what your specialties are, and then we’ll kinda dive in from there.

Joe Broderick, CFO, EnPro: Okay. Sounds good. Thank you, Ian. Yeah. Ampro is a fantastic company, and I’m very happy to, kind of represent the company and our 3,400 world class colleagues out there.

So I thought maybe I’d give a little overview of kinda where we are. Earlier this year, we introduced mPro three point o, which we’re incredibly excited about, and and which is the next phase of our value creation journey for as far as mPro goes. So I’ll talk a little about mPro two point o, which was kind of the last phase of value creation, really begun in earnest about five or six years ago. We embarked out of a a period of kinda cleaning up some of the historical environmental liabilities and really unleashed a period of significant value creation. We, transformed the portfolio in a in a pretty remarkable way during that period, and set on out on a path of margin expansion.

We were able to expand margins about a thousand basis points during that period and, expand our overall, market cap by almost, you know, two and a half x or so. So during that period, we divested a number of businesses that were a little heavier in nature, a lower growth part profile, lower margin profile. Good businesses just didn’t meet where we’re going as far as an in pro strategic, assessment goes. We used the proceeds of that to invest in a number of higher growth, higher margin, higher return businesses. We took a growth note that we had in in the semiconductor industry and and really build upon that, building out a a strong, position in the semi space and turn that business into what is now the advanced surface technologies.

So EnPro two point o margin expansion, portfolio optimization, incredibly successful, yielding very, very strong, returns for the company. Earlier this year, I talked about we we embarked on what we call now EnPro three point o, which is all about accelerating growth, personal and profitable growth for our employees and and the company. You know, we have the portfolio that we want. We have a very strong ceiling technologies business, which is about two thirds of our revenue. Consistent strategic theme around small percentage of customers spend, but absolutely critical to their end process, providing some sort of critical safety function, whether it be physical safety, process safety, and very well positioned in their end markets.

World class businesses in our ceiling portfolio, Garlock, Stemco, and Technetix, and a recent addition in AMI, all have that consistent strategic theme, a very strong margin generation, and good cash flow profiles. The other third of our business, Advanced Surface Technologies, this is the newer part of of the Ampro portfolio. We’ve been able to create a vertically integrated portfolio of of products and capabilities around the semiconductor in the in the semiconductor industry, really around critical in chamber tools, within the within the semiconductor manufacturing capability. So we have the ability to prototype, engineer, machine, produce, critical in chamber tools, and then service the aftermarket there with cleaning capability, coating, refurbishment. And that’s again, that part is in a little bit newer to the mPro portfolio and has the similar sort of margin expansion opportunities that that we’ve been able to successfully execute in Sealing, and those same capabilities exist in in AST.

So we’re really excited about the portfolio we have. We’ve recently laid out our growth algorithm algorithm as well. So in Sealing, we have the portfolio that can grow at least mid single digits organically over time with our our key positions in space, aerospace, food and pharma, test and measurement now kinda leading the charge there on top of really strong positions in our in general industrial and commercial vehicle spaces. So mid single digit growth, you know, over a period of time in in ceiling. And then in AST, you know, which is predominantly semiconductor, having the ability to grow high single digits, low double digits over a period of time, off the position we’re in now.

You know, all together, you know, and pro growing mid single digits at minimum, generating double digit profit capabilities over that time and generating significant amount of cash. Right? So we’ll be able to then supplement the organic piece. We have about a billion and a half worth of capital to deploy into m and a, into strategic acquisitions that meet our that theme that I talked about, and the the return and margin profiles that are so critical for us. You know, that that all while keeping our balance sheet very, very healthy and and conservative at around two, two and a half times, leverage from a net perspective.

So we’re incredibly excited about EnPro three point o. You know, we’re off to a good start there. Our team’s really excited. We we’re we’re kinda generating a lot of enthusiasm. It’s just additive to what we’ve been doing, right, from margin expansion and running really good high quality businesses.

And now it’s all about putting our foot on the gas and accelerating that, and just in this in this next phase of of value creation. So I just wanted to give a little bit of overview kind of where we are, and what we’re excited about, and, Ian, happy to take some questions.

Ian Zaffino, Equity Research Analyst: Yeah. No. I think that’s that’s very helpful. So if anyone has any questions, please put it in the chat or send me an email at ian.zaffino@opco.com. But, you know, now now, Joe, I guess, let’s ask kind of the the question of the day, right, is is

Can you just, give us a sense of where you’re exposed to tariffs and then what you’re doing about it?

Joe Broderick, CFO, EnPro: Yeah. The direct tariff cost exposure for us is very minimal and manageable. Right? We just we just had our earnings call on Tuesday and we kinda talked about that.

Ian Zaffino, Equity Research Analyst: For

Joe Broderick, CFO, EnPro: the most part, our supply chain is is pretty local and very in region for region. We’re about 70% North America based as a company. Our supply chain is is very much localized. We spent a lot of time, and our supply chain team has done a fantastic job over the course of the last five years or so, really after the last set of of of China tariffs that went in place in in, you know, 02/2008 time frame, really diversifying our supply chain, localizing it, and preparing for an environment like this where there may be a little bit more, trade restriction. So the the impact is very minimal for us.

We have a little bit of production in China that makes its way to The US, a little bit of raw material spend in China that makes its way to The US, You know, some isolated movements both from a raw material perspective, and and from an intermediate perspective. But it it it’s extremely minimal overall for us. And we talked about, you know, single digit million type of of gross exposure, and we have a number of, levers at our disposal to kind of, offset that impact and even potentially take advantage of areas where, we may benefit from from the current market environment. You know, that’s on the direct side. Right?

The macroeconomic environment, still to be determined. A lot of uncertainty out there. But EnPro historically has held up quite well during periods of downturn. We have a heavy aftermarket component. About, about two thirds of our ceiling business is is aftermarket.

About a third of our AST business is aftermarket. So we have a heavy aftermarket component which tends to to, operate quite well even in a in a recessionary type environment if that were to play out.

Ian Zaffino, Equity Research Analyst: Gotcha. Okay. That’s a that’s helpful. And, you know, let’s just dive a little bit more into mPro and and who you guys are. You know, how do the businesses, you know, call it, you know, the ceilings business, how does that compare to, like, the broader manufacturing comp set?

And same thing on AST, how does that kinda, you know, compare to the broader, like, semi, you know, players out there?

Joe Broderick, CFO, EnPro: Yeah. So if you think about, you know, ceiling, I talk about the the the consistent theme of what makes an EnPro business and what makes a EnPro ceiling business so that, again, small percentage of customer spend absolutely critical to their end process, providing some sort of critical safety function. We have a long history of being, having specified positions in these spaces. I mean, Darloc’s been around over a hundred years. STEMCO multiple decades.

Temp, Technetics has a has a history of performing over multiple decades. So we have a very entrenched position in our end markets. We have a heavy installed base and hence the the the the strong aftermarket position. We tend to be the performance and technical leader in our spaces. So we’re not competing on price, or have a a significant competitive offset to a lot of what we do.

You know, in Garlock, in a lot of specifications in in the in the, industries that we participate in, it’s Garlock or other equivalent. Right? Which, you know, Garlock is the name in in that space. And so we tend to lead with performance, and and, safety, and not, you know, price cost. And we’re definitely a premium player against all of those, in all those industries.

Now these are world class businesses. 30 plus percent EBITDA margins, very in transposition with a heavy aftermarket. And, you know, there’s not a significant deviation as far as the range of margin profile that we have in all of those spaces, including in the commercial vehicle business. So these are high class businesses with with tremendous leadership teams. On the AST side, you know, like I said, over the course of the last phase of EnPro, we we put together this vertically integrated portfolio of offerings.

Right? So we built upon leading positions in the individual businesses that we had and created this cohesive portfolio. So the the the purpose is really to be a critical partner for that in chamber environment. So we have the ability to produce, critical in chamber tools that are kind of like the heart and lungs of the in chamber environment, things like gas dispersion equipment, temperature control, wafer control as far as the pedestal and and and the the flexible components within that, and then have the ability to service the aftermarket from a precision cleaning, coating, refurbishment so we can manage the entire life cycle of those in chamber tools. That’s a unique offering, a very unique offering, obviously led with, you know, incredible performance and precision, but also being a a critical partner there, and one one partner in that value chain to the critical OEMs where we can provide that entire life cycle of those tools, whether it be in our in some of our leading positions in Taiwan, in Singapore, and now as there’s a significant move to onshoring into The US and building out leading leading edge capability, we have a unique position to offer that full scope of capability in The US.

And we’re really the only player, that has that full life cycle capability in The US as more and more infrastructure gets built out.

Ian Zaffino, Equity Research Analyst: Okay. Thank you for that. That that that’s very helpful. And then maybe if we could just isolate Ceilings Technologies here. And then, you know, maybe just give us a little bit more in-depth of of what they do, you know, what end markets are they going after?

What’s really the growth drivers there? And maybe you could just kinda talk just in general about the business. Thanks.

Joe Broderick, CFO, EnPro: Yeah. Sure. So, I mentioned the strategic theme around what makes those businesses and why they’re so successful. So you think of from an end market exposure standpoint, right, we have general industrial, which is made up a number of individual end markets. So think chemical, other industrial processes, a little bit of pulp of paper and other miscellaneous, small end markets that kinda make up a general industrial bucket.

That’s predominantly in guard lock. We’re providing critical safety seals and gaskets to those industries. The next largest end market exposure is commercial vehicles. So this is STEMCO, where we provide a critical function in the wheel assembly for trailers. So as as heavy, trucking and and heavy, trailers are moving goods around the country, we’re providing a critical safety feature of of in the wheel assembly of holding the wheel in place so that wheels are not coming loose as as trucks are being moved and trailers are being moved around the country.

So, again, fits that strategic theme. We’re a leader in that space as as far as, performance, and engineering capability. So that’s our second largest end end market. And then we have a number of really good positions that are kinda in that five to 8% of total EnPro revenue, that are in commercial aerospace, space exploration, food and pharma, sustainable power generation. So think nuclear.

We are the the, reference of record for the nuclear industry on all western design nuclear power plants, in the world where we’re making cask seals and and seals for reactor pressure vessels there. And all of those positions will be kind of the leading leading the charge from a growth perspective when you think about overall ceiling. So when I talked about ceiling in the mid single digit range, those positions that we have that are kind of five to 8% overall in pro revenue, they’re gonna be leading the charge from a growth capability. There are also areas that we’re focused on for adding with inorganic capabilities. So continuing to extend our capability offering, use our capacity to build out those positions that are gonna tick up our growth rate, be accretive to overall EnPro and segment margins, and just continue to to add on to our leading positions there.

But we’re excited about those growth nodes, within Sealing, and it’s a key part of of our focus around in Pro three three point o.

Ian Zaffino, Equity Research Analyst: Okay. Good. Then thank you. And then if we could kinda do the same exercise on the AST side, you know, maybe under I was understanding what the product portfolio is. You know, where does the business sit in kind of the semi value chain?

And and then how do we think about your exposure inside that chain, you know, whether it’s advanced nodes, leading edge, and any exposure to AI or non AI?

Joe Broderick, CFO, EnPro: Sure. So you think about the the value chain within semiconductor. Right? You have the fabs and IDMs, people like TSMC, Intel, Samsung, etcetera. The the the end, producers of of semiconductor chips.

And then all the equipment suppliers that are building chambers that produce the equipment are then selling to, those fabs and IBM. So these are people like Applied Materials, Lam, ASM, ASML. And then we’re a component manufacturer and service provider to those OEM partners. So we have a relationship both with the OEM itself and the end chip manufacturers, the IDMs or the the the foundries. Right?

So we have the ability to, like I said, make parts and so make and engineer and and and manufacture critical tools. So things like gas dispersion equipment, heat control, pedestals that hold the the the wafer in place, and then other, critical components within that chamber environment. It’s still an overall small percentage of overall customer send spend, but providing a very critical function both on performance, and tolerance management and yield, for what the end production looks like within within the the the semiconductor chip manufacturing process. We also then have the capability to service the aftermarket. So as those tools need to be turned over, they may come out of service.

We have the ability to coat those, recoat them, refurbish them, clean them, almost return them back to original condition, which then helps extend the life of those tools through the entire life cycle of the the chamber. You know, on the precision cleaning side, which is really leading the charge, as the semiconductor capital equipment side, of the business has been through a little bit of a down cycle the last couple years, The precision cleaning component has grown through that entire, time period. And the reason why is because we’re all leading edge there. So as production, has moved down node from, you know, five nanometer, four nanometer, three nanometer, we’re very well positioned to capture business in that incredibly critical environment. So as you move down node and you’re now producing in three nanometer, the environment is that much more critical to get, tools back into very strong original condition, that can improve yield performance.

So we’re participating very, very well in that cleaning component of of the leading edge nodes. So there in precision cleaning, we’re all leading edge. And we’ve replicated capability that we’ve had traditionally in Taiwan. We have a facility in California where we’ve been able to demonstrate copy exact to get the same level of critical performance in Taiwan, in California. And now we’re doing the same thing with our new facility in Arizona, which is a really critical growth investment for us to partner with the key capacity as it gets put in place in Arizona, and brought to The US and increasing, magnitudes there.

And we’ve been able to replicate that performance in our in qualification process right now in Arizona. It’s gonna be a key growth node for us going forward. And so I talked about that being a really critical component to have the full life cycle of processes and capabilities all within The US. So we have multiple facilities on the West Coast, also in in Boise, Idaho. We have a process capability in in in Florida and now in Arizona where we can kinda keep the entire life cycle of those tools within the EnPro family and be a better partner for, you know, those OEM providers and and, found foundry manufacturers.

Ian Zaffino, Equity Research Analyst: Okay. Thanks. And and and then maybe, can you maybe talk about the investments the company’s made in the AST segment? And maybe also in this conversation, talk about onshoring a little bit, especially in, Arizona, what’s going on there? Thanks.

Joe Broderick, CFO, EnPro: So from from an inorganic standpoint, right, I’ll go back to how the AST, portfolio really was put together. If you think about what is what is our ceiling business, a lot of our businesses were growth offshoots from the core component of our of our ceiling capability. So Garlock is a foundation of EnPro, and a lot of the growth notes have come out of that business over time. Technetics was one of those where we built out a a a capability that we had in aero aerospace. And along with that, we had this kinda niche position, for Edgewell to Bellows that went into, the semiconductor process.

So as we are going through the portfolio transformation and divesting some of the, the previous, components of the business, we had this really important strategic growth node that we were getting good traction on within semiconductor and identified that as a key growth area for the company. And so we use a lot of the proceeds from our divestitures and added on to our capability that existed there within Technetix. We bought LeanTeq, which was the precision cleaning component that I talked about with a historically strong position in Taiwan, and then expanded that into California and Arizona that I just mentioned. We bought, Nexedge, which is a really critical, acquisition in the twenty two thousand twenty two time frame, which then brought us not only tool manufacturing capability, but really strong coatings, expertise and technology. And that was a critical add to the AST, portfolio.

So that really rounded out the semiconductor offering that we have now. We also bought Aluxa, which is a fantastic optical filter, and optical coatings business, which brought us additional coatings understanding capability. That’s really not there is a semi component to that, but it’s predominantly non semi within the AST portfolio. So we added on inorganically over time and really rounded out the portfolio that we have today. On top of that, over the last few years, we’ve been bit busy investing behind organic growth opportunities.

You know, I talked about Arizona, which is a critical, facility and capability for us. We’ve built out phase one of Arizona, which is leading the way with precision cleaning, to support the capacity build out, from the customer base there. But we have phase two and phase three capability down the line to invest in future precision cleaning, but also into other areas of expertise that we have, that can augment our offering there locally in the in the Arizona, area. We’ve also added and invested behind other areas of growth, whether it be traditional, offerings from a regional perspective to make sure that we can generate the same level of performance in partnership with our OEM customers in in Idaho that we can in Singapore and build out to that position. We’ve also added additional capability in Taiwan to build out to our historically strong, position there.

And we’re continuing adding new capability and diversification efforts, across our AST portfolio. We’re gonna spend $50,000,000 in CapEx this year. About two thirds of that is going into AST, and three quarters of that overall is going to support growth and productivity. And a lot of those, are behind areas that I I just mentioned to continue to participate in outsized growth within semi.

Ian Zaffino, Equity Research Analyst: Okay. Thank you. And then if we can maybe circle back to ceilings. You’ve spent a lot of time in AST and I know ceilings is two thirds of your business. So, you know, how are you doing from, power gen has been a big area of kind of talk these days.

How is that end market? What are you seeing there? And then maybe also talk about some of like the market share gains you’ve made you know, particularly in space and some other areas. You know, what was driving that and, how you think that’s gonna be going forward?

Joe Broderick, CFO, EnPro: Yeah. So talk you know, you asked about sustainable power generation. We have a excellent capability in in France, that really leads the way for for us for, our nuclear position. We’re we are the reference for for seals within nuclear reactors in in in the Western part of the world and and pretty much have a strong strong leading position for all nuclear reactors. So here we make seals for reactor pressure vessels and for cast, cast sealing of of spent nuclear fuel.

You know, we have a very strong initial OEM position, and then there there’s a heavy aftermarket component on just replacement of those seals over time that are on, a replacement cycle. So as they’re you know, it’s a very steady business with good growth drivers. It’s about 7% of our overall EnPro portfolio. You know? So as nuclear continues to be, part of the energy solution for the world, right, that’s gonna continue to be, a tailwind for us in in that space.

We’re also participating in a lot of leading edge technology there. So iTero, which is the ITER, which is representing a a group of about 30 countries, that are leading the way as far as, nuclear fusion being a a solution going forward. We’re we’re, innovation and technology partners part of that effort. We also have, some activity going on in in small modulars, And, you know, that’s another area we’re positioned. So it’s it’s a good growth driver for us leading the way.

Right? It’s gonna it’s gonna it’s gonna, grow nicely, in in as part of our overall ceiling portfolio. Space and and commercial aerospace is another area that’s been doing very well. Our commercial aerospace business was up 20%, in the first quarter year over year. We have multiple capabilities, within the commercial aerospace, space around, seals for for fuel injection systems, for in cabin controls, whether it be airflow, temperature control, you know, engine engine propulsion systems.

So we have a number of offerings there. And we’re really the you know, focused on being the supplier of choice that leads with performance and is there to serve customer problems. And we wanna be the first partner that a customer goes to, to solve an individual issue or or for a new design. So our commercial teams have been executing extremely well there, and we’re leading with technology that is differentiating us. And we just continue to see our ability to execute well and outperform.

On the space side, we’re well positioned with all the the leading space exploration firms, and we’re pretty much have content on every satellite launch that that happens in the in The US. So continue as that market continues to grow and, you know, the number of satellite launches increase every year, we’re we’re participating there. So we have the a a number of these kinda growth areas within the the ceiling business that we expect to continue to form well and drive growth for us.

Ian Zaffino, Equity Research Analyst: Okay. And then can we just talk about maybe the capital allocation priorities of the company? I know you did a recent acquisition of AMI and ceilings. May maybe talk about that as well, but then also just kinda capital allocation include

Joe Broderick, CFO, EnPro: Yeah. The the the acquisition that you’re referencing, Ian, that was Advanced Micro Instruments, so AMI. This was our movement into the test and measurement space and then more specifically compositional analysis. This is a area that we studied for quite some time and a a profile of targets that we reviewed for for a number of years. We identified AMI specifically as a as a strong player in that space because they met a lot of our strategic themes and, financial criteria.

I talked about, you know, small percentage customer spend, absolutely critical to the process. They fit that very well. Accretive margins to overall ceiling and overall EnPro, and they and with a strong management team, a great culture, they kinda fit all of our criteria. We have very strict, criteria on what it means to be an EnPro business. Our pipeline is very full for acquisition targets, and, you know, we review them on a regular basis.

But we’re extremely disciplined, with allocating capital to m and a. We have capacity, but we have the ability to be patient, and very prudent as far as, you know, the types of businesses that we’re gonna invest in. I I would expect it to be in that theme that I talked about, in areas within ceiling that are in these growth nodes of certain end markets that I talked about. Within AST, the surface technology component of AST is another area that, we’re gonna be active in exploring for m and a opportunities. Our our semiconductor business is gonna outpace the growth for the rest of the company overall.

Just naturally can you know, given the the areas that we’re investing organically and the nature of of of that end market, we’d like to keep some balance in the portfolio and kinda keep the semiconductor exposure into that sort of 25% or less standpoint. So we’re gonna continue to deploy capital into m and a in these other areas, to continue to to keep some balance in the portfolio. Our priority from a capital allocation standpoint continues to be investing behind critical growth areas, and then, deploying m and a. With that growth algorithm, that I mentioned earlier, we have about a billion and a half capability over the next five years, with a conservative view of about a two times leverage, balance sheet, to deploy into m and a. And so, we have the ability to supplement our growth rate and continue to drive out outsized performance with with m and a being a a critical area.

We have our, you know, our our return to shareholders through through our dividend. We’ve increased our dividend ten years in a row. We just did so again coming into 2025, and that that continues to be a critical component of our capital allocation. But organic growth and inorganic growth through m and a continue to be our priorities.

Ian Zaffino, Equity Research Analyst: Okay. And then I guess we have a just one minute left. So if there’s anything that you wanted to add that I didn’t ask that you think investors would appreciate or or think was valuable, just just go ahead.

Joe Broderick, CFO, EnPro: Yeah. I’ll just add, you know, on our earnings call, this week, Eric talked about, you know, our focus around developing leaders within EnPro, you know, the personal growth and career growth that’s part of the accelerating growth within mPro three point o. And it really is to create agile leaders that are gonna drive the company forward and have the capability to deliver regardless of the end market environment or the general macroeconomic environment. And that’s what we’re focused on. Right?

We have the ability and the focus to to deliver no matter what the end market conditions are. Tariffs are the topic of today, but next week it could be something else. A year from now it could be something else. Right? And mPro is focused on, you know, delivering in any environment and, you know, continuing to control what we can control.

We think we’re gonna hold up more than or better than most. And, you know, we’re focused on delivering EnPro three point o, growing and continuing to provide good strong returns.

Ian Zaffino, Equity Research Analyst: This is great, Joe. Thank you very much. James, thank you very much.

Joe Broderick, CFO, EnPro: Great. Thank you, Ian. Thank you, everyone.

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