Sep 30 2009
Transaction Significantly Expands Pipeline Solutions Reach Beyond Traditional North American Foothold
Creates Global Entity to Provide Expanded Pipeline Products, Systems, and Services to Major Oil & Gas Markets Worldwide
CIRCOR International, Inc. (NYSE: CIR), a provider of valves and other highly engineered products and subsystems that control the flow of fluids safely and efficiently in the aerospace, energy and industrial markets, today announced that it has acquired Pipeline Engineering & Supply Co. Ltd. (“Pipeline Engineering”), a privately held pipeline products and solutions company based in the United Kingdom. Pipeline Engineering generated approximately $30 million in revenues during its most recent fiscal year. Excluding acquisition-related costs, the transaction is expected to be immediately accretive to earnings. Terms of the deal were not disclosed.
“With the acquisition of Pipeline Engineering, CIRCOR now has one of the broadest portfolios of pipeline solutions available,” said CIRCOR Chairman and Chief Executive Officer Bill Higgins. “Pipeline Engineering’s products and services, when combined with our current offerings through Sagebrush Pipeline Equipment Company, will allow CIRCOR to better assist our customers in managing their pipeline assets more efficiently and safely. In addition, we have the opportunity to leverage Pipeline Engineering’s customer relationships and approved suppliers’ lists to other energy-related products. Geographically, Pipeline Engineering’s footprint outside North America, especially in Europe, Africa and the Middle East is a great complement to Sagebrush’s strength in the United States. We look forward to welcoming Pipeline Engineering’s talented employees to our Energy Products Group and to CIRCOR.”
Pipeline Engineering is a turn-key manufacturer of a full range of products and services to assist pipeline cleaning, pipeline integrity and flow assurance in the oil and gas industry. In addition, Pipeline Engineering has a specialized team of onshore and offshore certified engineers and technicians that oversee related engineered service projects on behalf of their clients. Pipeline Engineering will be integrated into CIRCOR’s Energy Products Group.
CIRCOR’s Energy Products Group designs, manufactures and distributes market leading ball, check, control and safety relief valves as well as pipeline measurement and control systems for use in oil and gas applications. The Energy Group’s flagship brands include: KF, Pibiviesse, Contromatics, Mallard Control, Hydroseal and Sagebrush Pipeline Equipment.
Source: http://www.circor.com/