CIRCOR Announces Sale of Non-Core Spence and Nicholson Product Lines for $84.5 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
Transaction Enhances Focus on Core Flow-Control Business;Company 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 certain assets and liabilities relating to its Spence and Nicholson product lines to Emerson (NYSE: EMR) for approximately $84.5 million in cash, subject to an adjustment for working capital. The transaction closed on Friday, August 30, 2019. The Company expects to use the net proceeds from the sale to pay down outstanding debt.“Consistent with our growth strategy, this divestiture sharpens the focus on our core, mission-critical flow-control platforms and delivers on our commitment to strengthen our balance sheet,” said Scott Buckhout, President and Chief Executive Officer of CIRCOR. “The Board of Directors and management are confident th
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