Steel Partners cuts stake in EnPro

By Lisa Kerner

Charlotte, N.C., June 4 - Steel Partners II, LP reduced its stake in EnPro Industries, Inc. to 9.5% from 11.1% with the sale of 521,730 EnPro shares.

It was reported in a schedule 13D filing with the Securities and Exchange Commission that the shares were sold between May 20 and June 2 priced from $40.00 to $40.21 each.

Steel Partners beneficially owns about 1.91 million EnPro shares.

On April 11, EnPro and Steel Partners announced an agreement to settle the contested election of directors at the 2008 annual meeting of EnPro shareholders on April 30.

Under the agreement, EnPro would expand its board of directors to nine members from eight with the addition of Don DeFosset, the former chairman, president and chief executive officer of Walter Industries, Inc., following the company's 2008 annual meeting.

EnPro agreed to submit for shareholder approval at the meeting an amendment to the company's charter that would repeal the charter's classified board provision.

On March 27, it was reported that Steel Partners filed a definitive proxy statement with the SEC in connection with the election of Steel Partners' candidates, DeFosset and Delyle Bloomquist, to EnPro's board.

The investor had recommended that EnPro pursue a public recapitalization at $30.00 a share or explore all strategic alternatives, a prior news release said.

EnPro makes sealing products, bearings, compressors and engines and is based in Charlotte, N.C.

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