CIRCOR International, Inc. (NYSE: CIR), a provider of valves and other highly engineered products and subsystems that control the flow of fluids safely and efficiently in the aerospace, energy and industrial markets, today announced that it has acquired Pipeline Engineering & Supply Co. Ltd. (“Pipeline Engineering”), a privately held pipeline products and solutions company based in the United Kingdom. Pipeline Engineering generated approximately $30 million in revenues during its most recent fiscal year. Excluding acquisition-related costs, the transaction is expected to be immediately accretive to earnings. Terms of the deal were not disclosed.
“With the acquisition of Pipeline Engineering, CIRCOR now has one of the broadest portfolios of pipeline solutions available,” said CIRCOR Chairman and Chief Executive Officer Bill Higgins. “Pipeline Engineering’s products and services, when combined with our current offerings through Sagebrush Pipeline Equipment Company, will allow CIRCOR to better assist our customers in managing their pipeline assets more efficiently and safely. In addition, we have the opportunity to leverage Pipeline Engineering’s customer relationships and approved suppliers’ lists to other energy-related products. Geographically, Pipeline Engineering’s footprint outside North America, especially in Europe, Africa and the Middle East is a great complement to Sagebrush’s strength in the United States. We look forward to welcoming Pipeline Engineering’s talented employees to our Energy Products Group and to CIRCOR.”
Pipeline Engineering is a turn-key manufacturer of a full range of products and services to assist pipeline cleaning, pipeline integrity and flow assurance in the oil and gas industry. In addition, Pipeline Engineering has a specialized team of onshore and offshore certified engineers and technicians that oversee related engineered service projects on behalf of their clients. Pipeline Engineering will be integrated into CIRCOR’s Energy Products Group.
CIRCOR’s Energy Products Group designs, manufactures and distributes market leading ball, check, control and safety relief valves as well as pipeline measurement and control systems for use in oil and gas applications. The Energy Group’s flagship brands include: KF, Pibiviesse, Contromatics, Mallard Control, Hydroseal and Sagebrush Pipeline Equipment.
About CIRCOR International, Inc. CIRCOR International, Inc. provides valves and other highly engineered products and subsystems that control the flow of fluids safely and efficiently in the aerospace, energy and industrial markets. With more than 9,000 customers in over 100 countries, CIRCOR has a diversified product portfolio with recognized, market-leading brands. CIRCOR’s strategy includes growing organically by investing in new, differentiated products; adding value to component products; and increasing the development of mission-critical subsystems. The Company also plans to leverage its strong balance sheet to acquire complementary businesses.
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. These statements include, but are not limited to, the Company’s expectations related to the integration and performance of the Pipeline Engineering & Supply Co. Ltd. acquisition. 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, 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.
Frederic M. Burditt, 781-270-1200
Chief Financial Officer