CIRCOR’s Leslie Controls Subsidiary Emerges from Chapter 11 Reorganization
April 28 2011 - 1:30PM
Business Wire
CIRCOR International, Inc. (NYSE: CIR) today announced that the
company and its wholly owned subsidiary, Leslie Controls, Inc. have
funded the Section 524(g) asbestos trust established under Leslie’s
Chapter 11 reorganization plan affirmed in February 2011 by the
U.S. District Court for the District of Delaware.
With the funding of the trust, Leslie has now emerged from
Chapter 11 protection. Leslie initially filed a pre-negotiated plan
of reorganization under Chapter 11 of the U.S. Bankruptcy Code in
July 2010 to permanently resolve its asbestos liability.
“The funding of the trust and the completion of this process is
a tremendous accomplishment for CIRCOR, our shareholders and our
employees,” said CIRCOR Chairman, President and Chief Executive
Officer Bill Higgins. “With Leslie’s emergence from Chapter 11
reorganization, we can focus our full attention on executing our
growth strategy and further enhancing value for our
shareholders.”
About CIRCOR International, Inc.
CIRCOR International, Inc. designs, manufactures and markets
valves and other highly engineered products for the industrial,
aerospace and energy markets. With more than 7,000 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. 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 AND SUBSEQUENT REPORTS ON FORMS
10-Q, 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.
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