CIR CIRCOR International Inc

CIRCOR Acquires Two Businesses and Announces Formation of CIRCOR Instrumentation Technologies and CIRCOR Aerospace Products Groups * Acquisitions expected to add $11 million in annual revenues and specialization in analytical fluid sampling systems * New CIRCOR product groups consolidate multiple product lines to focus on growth opportunities BURLINGTON, Mass., Dec. 11 /PRNewswire-FirstCall/ -- CIRCOR International, Inc. , a leading provider of valves and other fluid control devices for the instrumentation, thermal fluid and petrochemical markets, today announced two acquisitions and the formation of two new product groups within its Instrumentation and Thermal Fluid Controls segment. The Company disclosed that it has acquired Texas Sampling, Inc., located in Victoria, Texas, and D.Q.S. International B.V., headquartered in Rotterdam, Netherlands, in separate transactions. Both companies provide analytical sampling systems to process manufacturers and have combined annual revenues of approximately $11 million. The total purchase price for the two all-cash transactions, including the assumption of debt, amounted to $12 million and the acquisitions are expected to add up to $0.04 to CIRCOR's diluted earnings per share in 2004. CIRCOR's Chairman, President and CEO, David A. Bloss, Sr., said, "Our acquisition program remains focused on the higher-growth and higher-technology segments of the vast fluid control market that we serve. Texas Sampling and the Dopak product line marketed by D.Q.S. have well-established brand recognition and strong technologies in the analytical sampling device market and utilize many of the components produced by CIRCOR's Instrumentation Technologies product group. In addition, CIRCOR has recently developed new, miniature substrate devices that can reduce the overall size of the sampling systems and improve the quality of the fluid samples taken from our end-users' processes for evaluation purposes. We view sampling systems as a growth market opportunity as process industries drive toward more efficient systems by using more reliable sample data for control purposes." In a related matter, the Company announced the realignment of certain product lines within its Instrumentation and Thermal Fluid Controls segment to form two new product groups within this segment. The new CIRCOR Instrumentation Technologies product group will include the two announced acquisitions as well as the Hoke, Circle Seal Industrial Products, GO Regulator and Tomco product lines of fluid control devices, which serve a wide variety of fluid process applications worldwide. The new CIRCOR Aerospace Products group will be comprised of the Circle Seal Aerospace Products, Aerodyne Controls and US Para Plate lines of fluid control devices for commercial, business and military aircraft and other aerospace applications, worldwide. CIRCOR's Thermal Fluid Controls product group, which contains the businesses serving heating and air conditioning, maritime, power, chemical processing, cryogenic and general industrial markets, will remain unchanged. Bloss added, "This move is specifically designed to sharpen our focus on markets that utilize this segment's products and engineering capabilities. We expect these new groups to better integrate and apply our growing array of fluid control devices and technologies to better serve existing customers and identify opportunities to expand and grow our share of these important markets." Bloss said no special charges or other additional costs are anticipated as a result of this realignment. 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, thermal fluid regulation and petrochemical markets. CIRCOR's executive headquarters are located at 35 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," "will," "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 Smith, Chief Financial Officer of CIRCOR International, Inc., +1-781-270-1200

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