CIRCOR International Announces Divestiture of Two Business Units
January 06 2015 - 7:30AM
Business Wire
Enables Greater Focus on Businesses with
Better Growth and Margin Potential
CIRCOR International, Inc. (NYSE: CIR), a leading provider of
valves and other highly engineered products for markets including
oil & gas, power generation and aerospace & defense, today
announced the divestiture of two of its non-strategic businesses.
Terms were not disclosed.
Sagebrush Pipeline Equipment Company, part of the Energy
segment, has been sold through a management buyout agreement. Based
in Tulsa, Oklahoma, Sagebrush primarily provides engineering,
design, and fabrication of custom skids for measurement, control,
and operation of oil and gas pipelines.
Within its Aerospace & Defense segment, CIRCOR has completed
the sale of Cambridge Fluid Systems (CFS) to HAM-LET
(Israel-Canada) Ltd. CFS, located in the United Kingdom, is a
full-service provider of fabricated control systems for
semiconductor and LED manufacturing industries.
For 2014, CIRCOR expects Sagebrush and CFS revenues of
approximately $41 million and $12 million, respectively, with
mid-single digit adjusted operating margins resulting in an
aggregate contribution of approximately $0.10 to $0.12 per diluted
share for both businesses.
“Divesting Sagebrush and CFS is consistent with our
simplification strategy and enables us to focus our resources on
businesses where we have the best opportunities to achieve sales
growth, higher margins, and market leadership,” said Scott
Buckhout, CIRCOR’s President and Chief Executive Officer. “We
continue to execute on our top priorities: growth, margin
expansion, cash flow and disciplined capital deployment.”
Safe Harbor StatementThis 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. Any statements in this press release
that are not statements of historical fact are forward-looking
statements, including, but not limited to, those relating to
CIRCOR’s future performance, including the Company’s ability to
focus resources on businesses where it has the best opportunities
to achieve sales growth, higher margins, and market leadership and
its ability to execute on its top priorities. 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 AND SUBSEQUENT REPORTS ON FORMS 10-Q, 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.
About CIRCOR International, Inc.CIRCOR International,
Inc. designs, manufactures and markets highly engineered products
and sub-systems for markets including oil & gas, power
generation and aerospace & defense. With more than 7,000
customers in over 100 countries, CIRCOR has a diversified product
portfolio with recognized, market-leading brands that fulfill its
customers’ unique application needs. The Company’s strategy is to
grow organically and through complementary acquisitions; simplify
CIRCOR’s operations; achieve world class operational excellence;
and attract and retain top industry talent. For more information,
visit the Company’s investor relations website at
http://investors.circor.com.
CIRCOR InternationalRajeev Bhalla, 781-270-1210Executive Vice
President and Chief Financial Officer
CIRCOR (NYSE:CIR)
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