CIRCOR International, Inc. (NYSE: CIR), today announced that its wholly owned subsidiary, CIRCOR Aerospace, Inc., has completed the acquisition of privately held Castle Precision Industries (CPI) of Sylmar, California.
CPI manufactures landing gear components, landing gear and actuation sub-systems, and provides Maintenance, Repair and Overhaul (MRO) services to the commercial and military aircraft markets. CPI’s manufacturing capabilities and product lines complement the existing landing gear and actuation product lines of CIRCOR Aerospace and will be integrated into CIRCOR’s Aerospace segment. Terms of the deal, which was an all-cash transaction, were not disclosed.
Including approximately $0.4 million in third-quarter transaction costs, CIRCOR anticipates that the acquisition will be accretive to earnings on a GAAP basis in the first 12 months of combined operations. In the 12 months prior to the acquisition, CPI generated revenues of approximately $19 million.
CIRCOR’s Chairman, President and Chief Executive Officer Bill Higgins stated, “The addition of Castle Precision Industries immediately expands CIRCOR’s landing gear capabilities and better positions us to meet OEM and aftermarket customer expectations. With this acquisition, we continue to increase the size of the Company through expansion in markets that we believe offer us the greatest potential for growth.”
CIRCOR Aerospace Group Vice President Chris Celtruda commented, “CPI’s established reputation, solid product portfolio and strong manufacturing expertise help to diversify CIRCOR’s landing gear business into the commercial and aftermarket segments.”
Source: http://www.circor.com/