CIRCOR International Completes Sale of Instrumentation & Sampling Business
04 February 2020 - 12:00AM
Business Wire
Company Plans to Use Net Proceeds to Pay Down
Debt
CIRCOR International, Inc. (NYSE: CIR), a leading provider of
severe service flow control solutions and other highly engineered
products for markets including industrial, aerospace, defense, and
energy, today announced it has completed the sale of its
Instrumentation & Sampling business (“I&S”) to Crane Co.
(NYSE: CR) for $172 million in cash, subject to a working capital
adjustment.
“During the past 12 months, we have completed over $340 million
of non-core asset sales, allowing us to significantly reduce debt,”
stated Scott Buckhout, President & Chief Executive Officer of
CIRCOR International. “These asset sales, coupled with our
strategic shift away from upstream oil & gas, position CIRCOR
for continued success and advance our strategy to simplify the
Company, sharpen our focus on core mission-critical flow control
platforms, and further reduce leverage.”
I&S historically generated approximately $80 million in
annual revenue with operating income margins of approximately 19%.
I&S manufactures valves, fittings, regulators, and sampling
systems, primarily serving energy end markets.
About CIRCOR International, Inc. CIRCOR International,
Inc. designs, manufactures, and markets highly engineered products
and sub-systems for markets including Industrial, Aerospace &
Defense, and Energy. CIRCOR has a diversified product portfolio
with recognized, market-leading brands that fulfill its customers’
unique application needs. For more information, visit the Company’s
investor relations website at http://investors.circor.com, where we
routinely post information that may be important to investors.
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, the expected use of cash
from the proceeds of the sale of the Instrumentation & Sampling
business and the ability of the Company to sharpen focus on its
core mission-critical flow control platforms and further improve
leverage. 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: any required post-closing
adjustments to the purchase price; 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 FORM 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200203005161/en/
CIRCOR International, Inc. David F. Mullen, Senior Vice
President (781) 270-1200 CIR@investorrelations.com
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