CIRCOR Announces Sale of Non-Core Reliability Services Business for $85 Million
CIRCOR International, Inc. (CIR)
Last circor international, inc. earnings: 3/2 06:55 am
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US:NYSE Investor Relations:
investors.circor.com/phoenix.zhtml?c=109457&p=irol-presentations_pf
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Source: Business Wire
Company Plans to Use Cash Proceeds to Pay Down Debt BURLINGTON, Mass.--(BUSINESS WIRE)-- CIRCOR International, Inc. (NYSE: CIR), a leading provider of flow control solutions and other highly engineered products for the Industrial, Energy and Aerospace & Defense markets, today announced the sale of its Reliability Services business to an affiliate of RelaDyne LLC, a leading provider of lubricants and industrial reliability services, for approximately $85 million in cash, on a cash-free, debt-free basis. The Company expects to use the net proceeds from the sale to pay down outstanding debt. “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 busine
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