Funding of 524(g) Asbestos Trust Marks Formal Completion of
BURLINGTON, Mass., Apr 28, 2011 (BUSINESS WIRE) --
International, Inc. (NYSE: CIR) today announced that the company and
its wholly owned subsidiary, Leslie Controls, Inc. have funded the
Section 524(g) asbestos trust established under Leslie's Chapter 11
reorganization plan affirmed in February 2011 by the U.S. District Court
for the District of Delaware.
With the funding of the trust, Leslie has now emerged from Chapter 11
protection. Leslie initially filed a pre-negotiated plan of
reorganization under Chapter 11 of the U.S. Bankruptcy Code in July 2010
to permanently resolve its asbestos liability.
"The funding of the trust and the completion of this process is a
tremendous accomplishment for CIRCOR, our shareholders and our
employees," said CIRCOR Chairman, President and Chief Executive Officer
Bill Higgins. "With Leslie's emergence from Chapter 11 reorganization,
we can focus our full attention on executing our growth strategy and
further enhancing value for our shareholders."
About CIRCOR International, Inc.
International, Inc. designs, manufactures and markets valves and
other highly engineered products for the industrial, aerospace and
energy markets. With more than 7,000 customers in over 100 countries,
CIRCOR has a diversified product portfolio with recognized,
market-leading brands. CIRCOR's culture, built on the CIRCOR Business
System, is defined by the Company's commitment to attracting, developing
and retaining the best talent and pursuing continuous improvement in all
aspects of its business and operations. The Company's strategy includes
growing organically by investing in new, differentiated products; adding
value to component products; and increasing the development of
mission-critical subsystems and solutions. CIRCOR also plans to leverage
its strong balance sheet to acquire strategically complementary
businesses. For more information, visit the Company's investor relations
web site at http://investors.circor.com.
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. 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.
SOURCE: CIRCOR International, Inc.
Frederic M. Burditt, 781-270-1200
Chief Financial Officer