CIRCOR Broadens Pipeline Solutions Offerings with Acquisition of UK-Based Pipeline Engineering & Supply Co. Ltd.
29 September 2009 - 6:05AM
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 it has acquired Pipeline
Engineering & Supply Co. Ltd. (“Pipeline Engineering”), a
privately held pipeline products and solutions company based in the
United Kingdom. Pipeline Engineering generated approximately $30
million in revenues during its most recent fiscal year. Excluding
acquisition-related costs, the transaction is expected to be
immediately accretive to earnings. Terms of the deal were not
disclosed.
“With the acquisition of Pipeline Engineering, CIRCOR now has
one of the broadest portfolios of pipeline solutions available,”
said CIRCOR Chairman and Chief Executive Officer Bill Higgins.
“Pipeline Engineering’s products and services, when combined with
our current offerings through Sagebrush Pipeline Equipment Company,
will allow CIRCOR to better assist our customers in managing their
pipeline assets more efficiently and safely. In addition, we have
the opportunity to leverage Pipeline Engineering’s customer
relationships and approved suppliers’ lists to other energy-related
products. Geographically, Pipeline Engineering’s footprint outside
North America, especially in Europe, Africa and the Middle East is
a great complement to Sagebrush’s strength in the United States. We
look forward to welcoming Pipeline Engineering’s talented employees
to our Energy Products Group and to CIRCOR.”
Pipeline Engineering is a turn-key manufacturer of a full range
of products and services to assist pipeline cleaning, pipeline
integrity and flow assurance in the oil and gas industry. In
addition, Pipeline Engineering has a specialized team of onshore
and offshore certified engineers and technicians that oversee
related engineered service projects on behalf of their clients.
Pipeline Engineering will be integrated into CIRCOR’s Energy
Products Group.
CIRCOR’s Energy Products Group designs, manufactures and
distributes market leading ball, check, control and safety relief
valves as well as pipeline measurement and control systems for use
in oil and gas applications. The Energy Group’s flagship brands
include: KF, Pibiviesse, Contromatics, Mallard Control, Hydroseal
and Sagebrush Pipeline Equipment.
About CIRCOR International, Inc. CIRCOR International,
Inc. provides 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
strategy includes growing organically by investing in new,
differentiated products; adding value to component products; and
increasing the development of mission-critical subsystems. The
Company also plans to leverage its strong balance sheet to acquire
complementary businesses.
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 Pipeline Engineering & Supply Co. Ltd. acquisition.
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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