CIRCOR Acquires Sagebrush Pipeline Equipment Company
04 February 2006 - 1:35AM
PR Newswire (US)
BURLINGTON, Mass., Feb. 3 /PRNewswire-FirstCall/ -- CIRCOR
International, Inc. (NYSE:CIR) a leading provider of valves and
other fluid control devices for the instrumentation, aerospace,
thermal fluid and energy markets, today announced the acquisition
of Sagebrush Pipeline Equipment Company ["Sagebrush"] for
approximately $12 million in cash and assumption of debt.
Sagebrush, based in Tulsa, Oklahoma, provides pipeline flow control
and measurement equipment to the North American oil and gas markets
and will operate within CIRCOR's Energy Products segment
headquartered in Oklahoma City, Oklahoma. In 2005, Sagebrush had
annual revenues of approximately $25 million. Sagebrush specializes
in the design, fabrication, installation and service of pipeline
flow control and measurement equipment such as launchers/receivers,
valve settings, liquid metering skids, manifolds and gas and liquid
measurement meter runs. Sagebrush sells both directly to the
end-user pipeline companies in North America and through
engineering, procurement and construction companies. CIRCOR's
Chairman and Chief Executive Officer, David A. Bloss, Sr. stated,
"Sagebrush offers our CIRCOR Energy Products segment a unique entry
into the US pipeline flow control and measurement market and
enhances our engineered product mix." Bloss further stated that the
company expects this acquisition to be accretive to CIRCOR's
diluted earnings per share in 2006. CIRCOR International, Inc. is a
leading provider of valves and fluid control products that allow
customers around the world to use fluids safely and efficiently in
the instrumentation, aerospace, thermal fluid and energy markets.
CIRCOR's executive headquarters are located at 25 Corporate Drive,
Burlington, MA 01803. This press release contains certain
statements that are "forward-looking statements" as that term is
defined under the Private Securities Litigation Reform Act of 1995
(the "Act") and releases issued by the Securities and Exchange
Commission (SEC). The words "may," "hope," "should," "expect,"
"plan," "anticipate," "intend," "believe," "estimate," "predict,"
"potential," "continue," and other expressions which are
predictions of or indicate future events and trends and which do
not relate to historical matters identify forward-looking
statements. We believe that it is important to communicate our
future expectations to our stockholders, and we, therefore, make
forward- looking statements in reliance upon the safe harbor
provisions of the Act. However, there may be events in the future
that we are not able to accurately predict or control, and our
actual results, performance or achievements may differ materially
from the expectations we describe in our forward-looking
statements. Factors that could cause or contribute to such
differences include, but are not limited to, the cyclicality and
highly competitive nature of some of our end markets, changes in
the price of and demand for oil and gas in both domestic and
international markets, variability of raw material and component
pricing, fluctuations in foreign currency exchange rates, and our
ability to continue operating our manufacturing facilities at
efficient levels and to successfully implement our acquisition
strategy. We advise you to read further about these and other risk
factors set forth under the caption "Certain Risk Factors That May
Affect Future Results" in our SEC filings. We undertake no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise. DATASOURCE: CIRCOR International, Inc. CONTACT: Kenneth
W. Smith, Chief Financial Officer of CIRCOR International, Inc.,
+1-781-270-1200
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