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CIRCOR Names Scott Buckhout President and Chief Executive Officer

Former UTC Executive Brings Proven Record of Expanding Margins and Accelerating Growth

BURLINGTON, Mass.–(BUSINESS WIRE)– CIRCOR International, Inc. (NYS: CIR) , a leading provider of valves and other highly engineered products for the energy, industrial and aerospace markets, today announced that its Board of Directors has appointed Scott Buckhout as President and Chief Executive Officer, effective immediately. Mr. Buckhout, who most recently served as President of United Technologies Corporation’s (“UTC”) $7 billion Fire and Security division, has also been appointed to the Company’s Board of Directors. Wayne Robbins, who has served as Acting President and Chief Executive Officer since December 2012, will continue as CIRCOR‘s Executive Vice President and Chief Operating Officer.

“On behalf of the Board of Directors, I am delighted to welcome Scott as CIRCOR‘s next President and CEO,” said David Dietz, Chairman of the CIRCOR Board of Directors. “Our Board conducted a thorough and comprehensive search over the past four months and unanimously concluded that Scott is best suited to lead CIRCOR through its next phase of growth and development. Scott has a proven record of improving the performance of manufacturing businesses such as CIRCOR‘s, identifying and successfully integrating and rationalizing acquisitions, and driving organic and acquisitive growth. We are excited about CIRCOR‘s prospects for growth and value creation with a continued focus on Lean principles under Scott’s leadership and look forward to working closely with him.”

Scott Buckhout said, “I am honored to lead CIRCOR, a strong company with a diverse portfolio of products in attractive end markets and a solid, well-managed balance sheet. I am committed to driving improved operating results and margin expansion, as well as growth organically and through in-market acquisitions. I am enthusiastic about the opportunities ahead. I look forward to working closely with CIRCOR‘s Board of Directors, executive team and talented and hard-working employees around the world to build upon this Company’s proud history and accelerate its growth and success.”

Added Mr. Dietz, “CIRCOR‘s Board of Directors is grateful for Wayne Robbins‘ service as CIRCOR‘s Acting CEO since December. Wayne has been a valued member of CIRCOR‘s leadership team for seven years, and we are excited that he will continue to play an integral leadership role at the Company alongside Scott Buckhout.”

About Scott Buckhout

Source: FULL ARTICLE at DailyFinance

By Business Wirevia The Motley Fool

Filed under: Investing

CIRCOR Reports Fourth-Quarter and Year-End 2012 Financial Results

Adjusted EPS of $0.69 Exceeds Guidance Range

Full-Year Adjusted EPS Growth of 22% Driven by Margin Expansion

Repositioning Actions on Track

BURLINGTON, Mass.–(BUSINESS WIRE)– CIRCOR International, Inc. (NYS: CIR) , a leading provider of valves and other highly engineered products for the energy, industrial and aerospace markets, today announced financial results for the fourth quarter and fiscal year ended December 31, 2012.

“Our earnings this past quarter and year reflect our commitment to drive improved operating results and margin expansion,” said Wayne Robbins, CIRCOR’s Executive Vice President and Chief Operating Officer, Acting President and Chief Executive Officer. “Our fourth quarter adjusted EPS increased 17% and exceeded expectations driven by solid execution, particularly in Energy and Flow Technologies. We also generated strong free cash flow in the quarter bringing the full year to $42 million.”

“We are on schedule with the repositioning actions in California, Brazil and India that we announced last quarter, which include consolidating facilities, shifting expenses to lower cost regions and exiting certain non-strategic product lines,” said Robbins. “These initiatives are positioning all three of our segments to generate greater profitability and better focus on key strategic markets. We continue to improve efficiency through our focus on Lean principles and operational excellence and remain on target to begin realizing annualized savings of approximately $7 million from our repositioning actions in the second half of 2013.”

“Looking forward, we anticipate improved top- and bottom-line performance over 2012,” said Robbins. “We are aggressively executing our strategy with a continued focus on margin expansion, including evaluating further repositioning opportunities. We believe that the markets we serve are attractive and provide opportunities for profitable growth, both organically and through acquisitions.”

“We are pleased with the Company’s performance under Wayne’s leadership as interim CEO,” said CIRCOR Chairman David F. Dietz. “The Board’s previously announced search for a permanent CEO is on track and progress has been made to identify the right leader for the organization. We have a number of strong candidates under consideration and expect to announce our decision in the second quarter.”

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CIRCOR Names Scott Buckhout President and Chief Executive Officer

CIRCOR Reports Fourth-Quarter and Year-End 2012 Financial Results

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