CIRCOR Announces CFO Transition
August 20 2018 - 7:30AM
Business Wire
CIRCOR International, Inc. (NYSE:CIR), a leading provider of
flow control solutions and other highly engineered products for the
Industrial, Energy and Aerospace & Defense markets, today
announced that Chief Financial Officer Rajeev Bhalla will depart
CIRCOR. Mr. Bhalla has agreed to remain in his current role and
assist with an orderly transition until a successor has been named.
The Company has engaged a leading executive search firm to conduct
a search for a replacement and intends to evaluate both internal
and external candidates.
Scott Buckhout, President and Chief Executive Officer,
commented, “I want to thank Rajeev for all his contributions to the
Company over the last five years, including his work to help guide
CIRCOR through its transformative acquisition of the Fluid Handling
business. Given strong top-line momentum, clear progress in our
organizational re-alignment and integration efforts, and confidence
in our long-term growth, cash flow and margin targets, we believe
now is the right time to make this transition. We appreciate that
Rajeev has agreed to remain with the Company while we conduct a
search for a new finance leader and wish him all the best in his
future endeavors.”
Mr. Bhalla added, “I’m grateful for my time at CIRCOR and am
confident that the Company’s strong financial foundation positions
it for continued success. I look forward to working with the team
to ensure a seamless transition.”
About CIRCOR International, Inc.
CIRCOR International, Inc. designs, manufactures and markets
differentiated technology products and sub-systems for markets
including oil & gas, industrial, aerospace & defense and
commercial marine. CIRCOR has a diversified flow and motion control
product portfolio with recognized, market-leading brands that
fulfill its customers’ mission critical 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 talent. For more
information, visit the Company’s investor relations website at
http://investors.circor.com.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of Section 27 A of the Securities Act of 1933, as
amended, and Section 21 E 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 our ability to achieve financial targets.
Actual events, performance or results could differ materially from
the anticipated events, performance or results expressed or implied
by such forward-looking statements. Important factors that could
cause actual results to vary from expectations include, but are not
limited to: our ability to respond to competitive developments and
to grow our business, both domestically and internationally;
changes in the cost, quality or supply of raw materials; our
ability to comply with our debt obligations; our ability to
successfully implement our acquisition, divesture or restructuring
strategies, including our integration of the Fluid Handling
business; changes in industry standards or government regulations,
both in the United States and internationally; and our ability to
operate our manufacturing facilities at current or higher levels
and respond to increases in manufacturing costs. 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 QUARTERLY 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20180820005264/en/
Sharon Merrill Associates, Inc.Scott Solomon, (617)
542-5300Senior Vice PresidentCIR@investorrelations.com
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