CIRCOR Appoints New CEO - Analyst Blog
April 11 2013 - 8:20AM
Zacks
CIRCOR International
Inc. (CIR), a valve and other engineered products
manufacturer for the energy, industrial and aerospace markets,
recently named Mr. Scott Buckhout as the President and Chief
Executive Officer (CEO) for the company.
Mr. Buckhout takes over the
responsibilities from the currently acting President and CEO Mr.
Wayne Robbins, effective immediately. Mr. Robbins who assumed the
roles in December last year, subsequent to the stepping down of Mr.
Bill Higgins, will continue acting as the Executive Vice President
and Chief Operating Officer (COO).
The search for a permanent CEO
started in December last year, which ended up with Mr. Buckhout,
who was working as the President of Fire and Security division, a
part of the United Technologies Corporation (UTX).
The position of CEO in CIRCOR International also elevates Mr.
Buckhout to the company’s board of directors.
Prior to United Technologies, Mr.
Buckhout served in the senior management in various roles at
Honeywell International Corporation (HON), a
diversified technology and manufacturing company.
With work experience of over 20
years, the newly appointed CEO is expected to drive CIRCOR to newer
heights. Endowed with leadership qualities and experience in
integrating and rationalizing acquisitions, he is expected to guide
the company’s business to unlock further value. The company is also
hopeful that Mr. Buckhout will improve CIRCOR’s operating results
and margins, along with the expansion of the overall business.
Subsequent to the appointment of
Mr. Robbins as the acting CEO, CIRCOR reported impressive fourth
quarter 2012 results, with earnings per share of 69 cents, beating
the Zacks Consensus Estimate of 55 cents by 25.5%.
Exiting the fourth quarter, CIRCOR
had cash and cash equivalents of $61.7 million, which it proposes
to use for any lucrative acquisition opportunity, driving growth.
With Mr. Buckhout, a veteran in acquisition strategies, we expect
to see development in this area.
CIRCOR currently carries a Zacks
Rank #3 (Hold). Another player in the industrial equipment and
components industry, NSK Ltd. (NPSKY), carries a
Zacks Rank #1 (Strong Buy).
CIRCOR INTL (CIR): Free Stock Analysis Report
HONEYWELL INTL (HON): Free Stock Analysis Report
NSK LTD -UN ADR (NPSKY): Get Free Report
UTD TECHS CORP (UTX): Free Stock Analysis Report
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