CIRCOR Acquires Two Businesses and Announces Formation of CIRCOR Instrumentation Technologies and CIRCOR Aerospace Products Grou
December 11 2003 - 2:29PM
PR Newswire (US)
CIRCOR Acquires Two Businesses and Announces Formation of CIRCOR
Instrumentation Technologies and CIRCOR Aerospace Products Groups *
Acquisitions expected to add $11 million in annual revenues and
specialization in analytical fluid sampling systems * New CIRCOR
product groups consolidate multiple product lines to focus on
growth opportunities BURLINGTON, Mass., Dec. 11
/PRNewswire-FirstCall/ -- CIRCOR International, Inc. , a leading
provider of valves and other fluid control devices for the
instrumentation, thermal fluid and petrochemical markets, today
announced two acquisitions and the formation of two new product
groups within its Instrumentation and Thermal Fluid Controls
segment. The Company disclosed that it has acquired Texas Sampling,
Inc., located in Victoria, Texas, and D.Q.S. International B.V.,
headquartered in Rotterdam, Netherlands, in separate transactions.
Both companies provide analytical sampling systems to process
manufacturers and have combined annual revenues of approximately
$11 million. The total purchase price for the two all-cash
transactions, including the assumption of debt, amounted to $12
million and the acquisitions are expected to add up to $0.04 to
CIRCOR's diluted earnings per share in 2004. CIRCOR's Chairman,
President and CEO, David A. Bloss, Sr., said, "Our acquisition
program remains focused on the higher-growth and higher-technology
segments of the vast fluid control market that we serve. Texas
Sampling and the Dopak product line marketed by D.Q.S. have
well-established brand recognition and strong technologies in the
analytical sampling device market and utilize many of the
components produced by CIRCOR's Instrumentation Technologies
product group. In addition, CIRCOR has recently developed new,
miniature substrate devices that can reduce the overall size of the
sampling systems and improve the quality of the fluid samples taken
from our end-users' processes for evaluation purposes. We view
sampling systems as a growth market opportunity as process
industries drive toward more efficient systems by using more
reliable sample data for control purposes." In a related matter,
the Company announced the realignment of certain product lines
within its Instrumentation and Thermal Fluid Controls segment to
form two new product groups within this segment. The new CIRCOR
Instrumentation Technologies product group will include the two
announced acquisitions as well as the Hoke, Circle Seal Industrial
Products, GO Regulator and Tomco product lines of fluid control
devices, which serve a wide variety of fluid process applications
worldwide. The new CIRCOR Aerospace Products group will be
comprised of the Circle Seal Aerospace Products, Aerodyne Controls
and US Para Plate lines of fluid control devices for commercial,
business and military aircraft and other aerospace applications,
worldwide. CIRCOR's Thermal Fluid Controls product group, which
contains the businesses serving heating and air conditioning,
maritime, power, chemical processing, cryogenic and general
industrial markets, will remain unchanged. Bloss added, "This move
is specifically designed to sharpen our focus on markets that
utilize this segment's products and engineering capabilities. We
expect these new groups to better integrate and apply our growing
array of fluid control devices and technologies to better serve
existing customers and identify opportunities to expand and grow
our share of these important markets." Bloss said no special
charges or other additional costs are anticipated as a result of
this realignment. 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, thermal fluid regulation and petrochemical
markets. CIRCOR's executive headquarters are located at 35
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," "will,"
"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
Smith, Chief Financial Officer of CIRCOR International, Inc.,
+1-781-270-1200
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