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 its wholly owned subsidiary, CIRCOR Flow Technologies India Private Ltd., has acquired the valves division of India-based Mazda Ltd., a manufacturer of severe service control valves and vacuum systems. The acquired operation will be integrated into the Company’s Flow Technologies segment. Terms of the deal, which was an all-cash transaction, were not disclosed.
CIRCOR anticipates that the acquisition will be accretive to earnings on a GAAP basis in the first 12 months of combined operations. In the 12 months prior to the acquisition, Mazda’s valves division generated revenues of approximately $3.2 million.
“This acquisition provides CIRCOR with greater access to the steadily growing Indian power generation industry and broadens our product offering with a suite of severe service control valves,” said Chairman and Chief Executive Officer Bill Higgins. “Just over a year ago we incorporated our subsidiary in India and have been steadily building an engineering, sourcing and sales organization. Mazda is another great milestone in our commitment to expanding in emerging markets.”
About CIRCOR International, Inc. CIRCOR International, Inc. designs, manufactures and markets 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 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. These statements include, but are not limited to, the Company’s expectations related to the integration and performance of the valves division of Mazda Ltd., and the Company’s strategy to pursue small tuck-in acquisitions that add technology or complementary product lines, as well as larger strategic purchases that significantly expand the Company’s presence in an existing market, move it into a new market, or allow it to integrate component know-how to provide highly engineered subsystems. 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