EnPro to acquire chip maker NxEdge for $850 million in cash

EnPro Industries Inc. NPO, -0.35% said Friday it has agreed to acquire NxEdge, a manufacturing, cleaning, coating and refurbishment provider for the semiconductor industry, from Trive Capital for $850 million in cash. NxEdge will become part of EnPro's Advanced Surface Technologies (AST) segment, and is expected to bring new customers and geographic reach. Boise, Idaho-based NxEdge has customers across the semiconductor supply chain, including original equipment manufacturers, and has six facilities in Idaho and California. The company is expected to generate about $190 million in revenue in 2021 and to add about $1.70 of adjusted per-share earnings to EnPro's guidance of $5.35 to $5.55. The deal is expected to close by year-end. EnPro shares were not active premarket but have gained 22% in the year to date, while the S&P 500 SPX, +0.54% has gained 24.6%.