CIRCOR International, Inc., provider of flow control solutions and other highly engineered products for markets including oil and gas, announced on Monday that it has completed the previously announced acquisition of Fluid Handling (FH) from Colfax Corporation for approximately US$693 million of cash and newly issued CIRCOR shares, and US$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 recognised 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.
Read the article online at: https://www.worldpipelines.com/contracts-and-tenders/13122017/circor-completes-acquisition-of-flow-business/