Circor International 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 businesses to further accelerate the reduction of our outstanding debt.”
For 2018, Circor currently estimates that the Reliability Services business will generate approximately $65 million of revenue with an adjusted operating margin of approximately 10%. The Reliability Services business provides critical lubrication and flushing services, and oil misting equipment to customers in the Oil & Gas, Petrochemical, Power Generation, Industrial and Navy markets.
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