“This transaction is in line with our strategy to focus on CIRCOR’s core mission-critical flow control platform and underscores our commitment to strengthening our balance sheet,” said Scott Buckhout, President and Chief Executive Officer of CIRCOR. “We continue to evaluate the sale of other non-core businesses to further accelerate the reduction of our outstanding debt.”
For 2018, CIRCOR currently estimates that the Reliability Services business will generate approximately US$65 million of revenue with an adjusted operating margin of approximately 10%. The Reliability Services business provides critical lubrication and flushing services, and oil misting equipment to customers in the oil and gas, petrochemical, power generation, industrial and navy markets.
About CIRCOR International, Inc.
CIRCOR International, Inc. designs, manufactures and markets highly engineered products and sub-systems for markets including oil and gas, power generation and aerospace & defence. CIRCOR has a diversified product portfolio with recognised, market-leading brands that fulfil its customers’ unique application 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 industry talent.
