CIRCOR International Announces $75 Million Share Repurchase Program
19 December 2014 - 1:00AM
Business Wire
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 that its Board of Directors has authorized a new share
repurchase program of up to $75 million of the Company's
outstanding common stock.
“This share repurchase program is consistent with our
disciplined capital allocation strategy and reflects the Board’s
confidence in CIRCOR’s ability to enhance shareholder value,” said
Scott Buckhout, CIRCOR’s President and Chief Executive Officer.
Under the program, purchases may be made from time to time on
the open market, including through 10b5-1 trading plans, or through
privately negotiated transactions, block transactions, or other
techniques in accordance with prevailing market conditions and the
requirements of the Securities and Exchange Commission. The Board’s
authorization is open-ended and does not establish a timeframe for
the purchases. The Company is not obligated to acquire a particular
number of shares, and the program may be discontinued at any time
at the Company’s discretion.
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. 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 share repurchase plan and its
ability to enhance shareholder value. 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 International, Inc.Rajeev Bhalla, 781-270-1210Executive
Vice President and Chief Financial Officer
CIRCOR (NYSE:CIR)
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