BURLINGTON, Mass.--(BUSINESS WIRE)--Dec. 11, 2017--
CIRCOR International, Inc. (NYSE: CIR), a leading provider of flow
control solutions and other highly engineered products for markets
including oil & gas, industrial, aerospace & defense and commercial
marine, today announced that it has completed the previously announced
acquisition of Fluid Handling (FH) from Colfax Corporation (NYSE: CFX)
for approximately $693 million of cash and newly issued CIRCOR shares,
and $150 million related to the assumption of pension plan liabilities
linked to the FH business.
“We are pleased to complete this transformative transaction and welcome
the Fluid Handling team to the CIRCOR family,” said Scott Buckhout,
President and Chief Executive Officer of CIRCOR. “With a more technology
differentiated product portfolio of recognized brands, and a broader
range of end markets and geographies, we are positioned to provide
customers with a comprehensive suite of flow control solutions. We
believe that this acquisition will allow us to enhance our customers’
experience, capture new market opportunities, and generate strong
returns for our shareholders.”
FH will become a third group within CIRCOR, called Pumping Technologies,
joining the Company’s existing Energy and Advanced Flow Solutions groups.
Deutsche Bank acted as financial advisor and WilmerHale acted as legal
counsel to CIRCOR.
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. These statements may often be
identified by the use of words such as “anticipate,” “believe,” “could,”
“estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,”
“should,” “will,” “potential,” and similar terms and expressions.
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, statements regarding the
benefits of the acquisition and CIRCOR’s expected product offerings,
market position, market opportunities as a result of the acquisition and
shareholder returns. The following important factors and uncertainties,
among others, could cause actual events, performance or results to
differ materially from the anticipated events, performance or results
expressed or implied by such forward-looking statements: the risk that
expected benefits and growth prospects of the transaction may not be
achieved in a timely manner, or at all; the risk that FH may not be
successfully integrated with CIRCOR’s business following the closing;
higher than expected or unexpected costs associated with or relating to
the acquisition; the risk that CIRCOR will be unable to retain and hire
key personnel; and the risk that disruption from the transaction may
adversely affect CIRCOR’s business and relationships with its customers,
suppliers or employees. For additional information about factors that
could cause actual results to differ materially from those described in
the forward-looking statements, please refer to our filings with the
Securities and Exchange Commission, including the risk factors contained
in our most recent Annual Report on Form 10-K and subsequent Quarterly
Reports on Form 10-Q. 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 differentiated technology products and
sub-systems for markets including oil & gas, industrial, aerospace &
defense and commercial marine. CIRCOR has a diversified flow and motion
control product portfolio with recognized, market-leading brands that
fulfill its customers’ mission critical 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 talent. For more information, visit the Company’s
investor relations website at http://investors.circor.com.
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Source: CIRCOR International, Inc.
CIRCOR International, Inc.
Rajeev Bhalla, 781-270-1210
Vice President and Chief Financial Officer