Exposure to cyclical, fragmented and competitive end-markets Moderate concentration in truck and auto markets Significant market positions in flagship products Good geographic diversity and proportion of aftermarket revenues Aggressive leverage and financial policy Acquisition-oriented growth strategy Moderate free cash flow generation Standard&Poor's Ratings Services' stable outlook on EnPro Industries Inc. reflects our expectation that benefits that the company receives from steady demand in the aerospace and defense and chemical end-markets will be offset by weaknesses in its agriculture, industrial, auto, and energy-related end-markets, alongside headwinds from a stronger U.S. dollar. We also assume that recent restructuring initiatives that the company has implemented in response to a weak operating environment will pressure its margins in 2015, leading to leverage
