CIRCOR International Announces Divestiture of Two Business Units

CIRCOR International, Inc.

, a leading provider of valves and other highly engineered products for markets including oil & gas, power generation and aerospace & defense, today announced the divestiture of two of its non-strategic businesses. Terms were not disclosed. Sagebrush Pipeline Equipment Company, part of the Energy segment, has been sold through a management buyout agreement. Based in Tulsa, Oklahoma, Sagebrush primarily provides engineering, design, and fabrication of custom skids for measurement, control, and operation of oil and gas pipelines. Within its Aerospace & Defense segment, CIRCOR has completed the sale of Cambridge Fluid Systems (CFS) to HAM-LET (Israel-Canada) Ltd. CFS, located in the United Kingdom, is a full-service provider of fabricated control systems for semiconductor and LED manufacturing industries. For 2014, CIRCOR expects Sagebrush and CFS revenues of approximately $41 million and $12 million, respectively, with mid-single digit adjusted operating margins resulting in an aggregate contribution of approximately $0.10 to $0.12 per diluted share for both businesses. “Divesting Sagebrush and CFS is consistent with our simplification strategy and enables us to focus our resources on businesses where we have the best opportunities to achieve sales growth, higher margins, and market leadership,” said Scott Buckhout, CIRCOR's President and Chief Executive Officer. “We continue to execute on our top priorities: growth, margin expansion, cash flow and disciplined capital deployment.”