BURLINGTON, Mass.--(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.
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.
