Circor to divest its upstream oil & gas engineered valve business

Circor International disclosed to dispose of its long-cycle upstream oil & gas engineered valve business to P&P Flow Control, an affiliate of Certina Holding AG, for a de minimis amount, with an earnout of 50% of net income over seven years up to a maximum of €18M.
Circor’s segment operating losses attributable to Pibiviesse were ($8.5)M for 2018, and expects to record a loss on the disposal, primarily related to non-cash charges.
This transaction is consistent with the company’s strategy to exit non-core businesses and further simplification.
The deal is expected to complete by Q3 or early Q4.
In the same day, Gamco Investors announced that certain of its affiliates are participating in Crane’s revised tender offer to acquire all of the outstanding shares of Circor common stock for $48.00 per share in cash. The tender offer is scheduled to expire at midnight, New York City Time, on July 19, 2019.
Gamco again encourages Circor’s Board of Directors to engage with Crane as well as any other interested parties for the benefit of all stockholders.
Gamco’s proxy voting committee will continue to monitor the actions of Circor’s Board as it considers the submission of director nominations at the Company’s 2020 Annual Meeting of Stockholders.