The settlement agreement will not become effective unless the Bankruptcy Court enters an order approving it or concluding that Bankruptcy Court approval is not necessary for the EnPro Parties to the Agreement that are not debtors under the Joint Plan to enter into and consummate the settlement agreement. The settlement agreement further provides that it is not binding on any of the EnPro Parties unless and until the effective date of the Joint Plan shall have occurred."We are pleased to announce the definitive agreement that we reached with the Canadian Provincial Boards to resolve all current and future asbestos claims against EnPro and certain subsidiaries. This is yet another key milestone in our efforts to cleanse EnPro and its subsidiaries of the legacy asbestos claims that have plagued the company since its spinoff from the Goodrich Corporation in 2002. We remain on track to reconsolidate GST into EnPro in the third quarter of 2017 and are looking forward to closing this chapter of EnPro's history. We are diligently planning for EnPro's next chapter and are excited about sharing that with our shareholders before the expected reconsolidation next year," said Steve Macadam, President and Chief Executive Officer. Forward Looking Statements Statements in this press release that express a belief, expectation or intention, as well as those that are not historical fact, are forward-looking statements under the Private Securities Litigation Reform Act of 1995. They involve a number of risks and uncertainties that may cause actual events and results to differ materially from such forward-looking statements. These risks and uncertainties include, but are not limited to: the risk that the Joint Plan may not obtain necessary approval by asbestos claimants or the Bankruptcy Court or the United States District Court, the settlement agreement with the Provincial Boards may not be approved by the Bankruptcy Court and the Bankruptcy Court may determine that its approval is required for the consummation of such settlement agreement by any of the EnPro Parties, the actions and decisions of creditors and other third parties that have an interest in the bankruptcy proceedings, the terms and conditions of any reorganization plan that is ultimately approved by the Bankruptcy Court, delays in the confirmation or consummation of the Joint Plan, risks with respect to the receipt of consents necessary to effect the corporate restructuring of Coltec contemplated by the Comprehensive Settlement, and risks and uncertainties affecting the ability to fund anticipated contributions under the Joint Plan as a result of adverse changes in results of operations, financial condition and capital resources, including as a result of economic factors beyond EnPro's control. EnPro's filings with the Securities and Exchange Commission, including the Form 10-K for the year ended December 31, 2015 and Form 10-Q for the period ended March 31, 2016, describe other risks and uncertainties. Except as may be required by law, EnPro does not undertake to update any forward-looking statement made in this press release to reflect any change in management's expectations or any change in the assumptions or circumstances on which such statements are based.
About EnPro IndustriesEnPro Industries, Inc. is a leader in sealing products, metal polymer and filament wound bearings, components and service for reciprocating compressors, diesel and dual-fuel engines and other engineered products for use in critical applications by industries worldwide. For more information about EnPro, visit the company's website at http://www.enproindustries.com.