BURLINGTON, Mass.--(BUSINESS WIRE)--Aug. 20, 2018--
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 that
Chief Financial Officer Rajeev Bhalla will depart CIRCOR. Mr. Bhalla has
agreed to remain in his current role and assist with an orderly
transition until a successor has been named. The Company has engaged a
leading executive search firm to conduct a search for a replacement and
intends to evaluate both internal and external candidates.
Scott Buckhout, President and Chief Executive Officer, commented, “I
want to thank Rajeev for all his contributions to the Company over the
last five years, including his work to help guide CIRCOR through its
transformative acquisition of the Fluid Handling business. Given strong
top-line momentum, clear progress in our organizational re-alignment and
integration efforts, and confidence in our long-term growth, cash flow
and margin targets, we believe now is the right time to make this
transition. We appreciate that Rajeev has agreed to remain with the
Company while we conduct a search for a new finance leader and wish him
all the best in his future endeavors.”
Mr. Bhalla added, “I’m grateful for my time at CIRCOR and am confident
that the Company’s strong financial foundation positions it for
continued success. I look forward to working with the team to ensure a
seamless transition.”
About CIRCOR International, Inc.
CIRCOR International, Inc. designs, manufactures and markets
differentiated technology products and sub-systems for markets including
oil & gas, industrial, aerospace & defense and commercial marine. CIRCOR
has a diversified flow and motion control product portfolio with
recognized, market-leading brands that fulfill its customers’ mission
critical needs. The Company’s strategy is to grow organically and
through complementary acquisitions; simplify CIRCOR’s operations;
achieve world class operational excellence; and attract and retain top
talent. For more information, visit the Company’s investor relations
website at http://investors.circor.com.
Safe Harbor Statement
This press release contains forward-looking statements within the
meaning of Section 27 A of the Securities Act of 1933, as amended, and
Section 21 E of the Securities Exchange Act of 1934, as amended.
Reliance should not be placed on forward-looking statements because they
involve unknown risks, uncertainties and other factors, which are, in
some cases, beyond the control of CIRCOR. Any statements in this press
release that are not statements of historical fact are forward-looking
statements, including, but not limited to, those relating to CIRCOR's
future performance, including our ability to achieve financial targets.
Actual events, performance or results could differ materially from the
anticipated events, performance or results expressed or implied by such
forward-looking statements. Important factors that could cause actual
results to vary from expectations include, but are not limited to: our
ability to respond to competitive developments and to grow our business,
both domestically and internationally; changes in the cost, quality or
supply of raw materials; our ability to comply with our debt
obligations; our ability to successfully implement our acquisition,
divesture or restructuring strategies, including our integration of the
Fluid Handling business; changes in industry standards or government
regulations, both in the United States and internationally; and our
ability to operate our manufacturing facilities at current or higher
levels and respond to increases in manufacturing costs. BEFORE MAKING
ANY INVESTMENT DECISIONS REGARDING OUR COMPANY, WE STRONGLY ADVISE YOU
TO READ THE SECTION ENTITLED "RISK FACTORS" IN OUR MOST RECENT ANNUAL
REPORT ON FORM 10-K AND SUBSEQUENT QUARTERLY REPORTS ON FORMS 10-Q,
WHICH CAN BE ACCESSED UNDER THE "INVESTORS" LINK OF OUR WEBSITE AT WWW.CIRCOR.COM.
We undertake no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180820005264/en/
Source: CIRCOR International, Inc.
Sharon Merrill Associates, Inc.
Scott Solomon, (617) 542-5300
Senior
Vice President
CIR@investorrelations.com
