CIRCOR Completes Acquisition of Colfax’s Fluid Handling Business
December 11 2017 - 4:15PM
Business Wire
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 StatementThis 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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version on businesswire.com: http://www.businesswire.com/news/home/20171211006131/en/
CIRCOR International, Inc.Rajeev Bhalla, 781-270-1210Executive
Vice President and Chief Financial Officer
CIRCOR (NYSE:CIR)
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