EnPro Industries (USA; NYSE: 5251R9N7) announced it has zeroed the
      goodwill valuation of GGB Bearing Technology division, in one stroke
      wiping out nearly USD $109 million of GGB Bearing's value. The charge was
      taken in EnPro's second quarter.

      GGB Bearing Technology is the former Glacier Garlock Bearings division of
      Goodrich; EnPro was created in 2002 from the spinoff of Goodrich
      Engineered Industrial Products division.

      Goodwill is the intangible value of an asset, beyond its hard assets and
      liabilities -- essentially the added value of its market position, trade
      name, and other intangible values. In essence, goodwill is the extra that
      EnPro paid for GGB Bearing, beyond the book value of GGB's assets and
      liabilities. Goodwill impairment is not a cash expense; essentially EnPro
      is writing off whatever extra it paid for GGB Bearing. Because GGB was
      part of the initial EnPro spinoff, there are often significant revisions
      taken later, but the initial spinoff assets are rarely written down to
      zero goodwill.

      EnPro said it is taking the charge because the near-term outlook for GGB
      Bearing has been severely weakened due to the continued global economic
      downturn.

      GGB remains the world's largest manufacturer of prelubricated and
      self-lubricating metal-polymer plain bearings. GGB has production
      facilities in the United States, Germany, France, Slovakia, Brazil and
      India, along with operating units in two dozen other countries.

      eBearing consulted an analyst who believes that by taking the writedown,
      EnPro is positioning itself and the GGB division for an easier and more
      attractive sale. GGB becomes easier for a potential acquirer to value on
      its own books, and EnPro can better bottom-line what it gets for the
      division. But, he pointed out, this would have to play out over the longer
      term since there are few potential acquirers in the market now.

      Steve Macadam, EnPro's President and CEO, said: "The impairment of
      goodwill in no way changes our view of these businesses. We continue to
      believe they are fundamentally sound, and we are confident they will
      generate strong returns in the future."