CIRCOR International Acquires Valves Division from India-based Mazda Ltd.
June 01 2010 - 7:35AM
Business Wire
CIRCOR International, Inc. (NYSE: CIR), a provider of valves and
other highly engineered products and subsystems that control the
flow of fluids safely and efficiently in the aerospace, energy and
industrial markets, today announced that its wholly owned
subsidiary, CIRCOR Flow Technologies India Private Ltd., has
acquired the valves division of India-based Mazda Ltd., a
manufacturer of severe service control valves and vacuum systems.
The acquired operation will be integrated into the Company’s Flow
Technologies segment. Terms of the deal, which was an all-cash
transaction, were not disclosed.
CIRCOR anticipates that the acquisition will be accretive to
earnings on a GAAP basis in the first 12 months of combined
operations. In the 12 months prior to the acquisition, Mazda’s
valves division generated revenues of approximately $3.2
million.
“This acquisition provides CIRCOR with greater access to the
steadily growing Indian power generation industry and broadens our
product offering with a suite of severe service control valves,”
said Chairman and Chief Executive Officer Bill Higgins. “Just over
a year ago we incorporated our subsidiary in India and have been
steadily building an engineering, sourcing and sales organization.
Mazda is another great milestone in our commitment to expanding in
emerging markets.”
About CIRCOR International, Inc. CIRCOR International,
Inc. designs, manufactures and markets valves and other highly
engineered products and subsystems that control the flow of fluids
safely and efficiently in the aerospace, energy and industrial
markets. With more than 9,000 customers in over 100 countries,
CIRCOR has a diversified product portfolio with recognized,
market-leading brands. CIRCOR’s culture, built on the CIRCOR
Business System, is defined by the Company’s commitment to
attracting, developing and retaining the best talent and pursuing
continuous improvement in all aspects of its business and
operations. The Company’s strategy includes growing organically by
investing in new, differentiated products; adding value to
component products; and increasing the development of
mission-critical subsystems and solutions. CIRCOR also plans to
leverage its strong balance sheet to acquire strategically
complementary businesses. For more information, visit the Company’s
investor relations web site at http://investors.circor.com.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Reliance should not be placed on forward-looking
statements because they involve unknown risks, uncertainties and
other factors, which are, in some cases, beyond the control of
CIRCOR. These statements include, but are not limited to, the
Company’s expectations related to the integration and performance
of the valves division of Mazda Ltd., and the Company’s strategy to
pursue small tuck-in acquisitions that add technology or
complementary product lines, as well as larger strategic purchases
that significantly expand the Company’s presence in an existing
market, move it into a new market, or allow it to integrate
component know-how to provide highly engineered subsystems. Actual
events, performance or results could differ materially from the
anticipated events, performance or results expressed or implied by
such forward-looking statements. BEFORE MAKING ANY INVESTMENT
DECISIONS REGARDING OUR COMPANY, WE STRONGLY ADVISE YOU TO READ THE
SECTION ENTITLED "RISK FACTORS" IN OUR MOST RECENT ANNUAL REPORT ON
FORM 10-K, WHICH CAN BE ACCESSED UNDER THE "INVESTORS" LINK OF OUR
WEBSITE AT WWW.CIRCOR.COM. We undertake no obligation to publicly
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise.
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