CIRCOR Announces the Acquisition of Hale Hamilton
February 06 2006 - 5:11PM
PR Newswire (US)
BURLINGTON, Mass., Feb. 6 /PRNewswire-FirstCall/ -- CIRCOR
International, Inc. (NYSE:CIR) a leading provider of valves and
other fluid control devices for the instrumentation, aerospace,
thermal fluid and energy markets, today announced the acquisition
of Hale Hamilton Valves Limited and its subsidiary, Cambridge Fluid
Systems ["Hale Hamilton"] for approximately $51 million in a cash
for stock transaction. Hale Hamilton, headquartered outside of
London in Uxbridge, Middlesex UK, is a leading provider of high
pressure valves and flow control equipment to the naval defense,
industrial gas and high-technology industrial markets and will
operate as part of CIRCOR's Instrumentation and Thermal Fluid
Products segment. CIRCOR was advised on this transaction by the New
York office of the investment bankers Euroconsult, Inc. With annual
revenues of approximately $32 million, Hale Hamilton is expected to
contribute between $0.04 and $0.05 to CIRCOR's diluted earnings per
share in 2006. Hale Hamilton supplies a wide range of components
and equipment to the marine industry and enjoys a long standing
relationship with the UK Ministry of Defense and leading
manufacturers of naval defense platforms. Hale Hamilton valves can
be found on most submarines and warships within the UK Naval Fleet
as well as other non-UK navies. Hale Hamilton industrial valves are
sold to the leading operators in industrial gas markets. In
addition, the Cambridge Fluid Systems division designs and
manufactures gas and liquid delivery systems for high technology
industries. CIRCOR's Chairman and Chief Executive Officer, David A.
Bloss, Sr. stated, "We are excited about the acquisition of Hale
Hamilton because of its strong market position and high pressure
fluid control technologies that will allow us to expand our product
offering to the military and commercial marine markets. It also
brings added products for the industrial gas markets that we serve
today and will expand the products and technologies of our growing
line of instrumentation systems." CIRCOR International, Inc. is a
leading provider of valves and fluid control products that allow
customers around the world to use fluids safely and efficiently in
the instrumentation, aerospace, thermal fluid and energy markets.
CIRCOR's executive headquarters are located at 25 Corporate Drive,
Burlington, MA 01803. This press release contains certain
statements that are "forward-looking statements" as that term is
defined under the Private Securities Litigation Reform Act of 1995
(the "Act") and releases issued by the Securities and Exchange
Commission (SEC). The words "may," "hope," "should," "expect,"
"plan," "anticipate," "intend," "believe," "estimate," "predict,"
"potential," "continue," and other expressions which are
predictions of or indicate future events and trends and which do
not relate to historical matters identify forward-looking
statements. We believe that it is important to communicate our
future expectations to our stockholders, and we, therefore, make
forward- looking statements in reliance upon the safe harbor
provisions of the Act. However, there may be events in the future
that we are not able to accurately predict or control, and our
actual results, performance or achievements may differ materially
from the expectations we describe in our forward-looking
statements. Factors that could cause or contribute to such
differences include, but are not limited to, the cyclicality and
highly competitive nature of some of our end markets, changes in
the price of and demand for oil and gas in both domestic and
international markets, variability of raw material and component
pricing, fluctuations in foreign currency exchange rates, and our
ability to continue operating our manufacturing facilities at
efficient levels and to successfully implement our acquisition
strategy. We advise you to read further about these and other risk
factors set forth under the caption "Certain Risk Factors That May
Affect Future Results" in our SEC filings. We undertake no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise. DATASOURCE: CIRCOR International, Inc. CONTACT: Kenneth
W. Smith, Chief Financial Officer of CIRCOR International, Inc.,
+1-781-270-1200
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