Exhibit 99.1
NEWS RELEASE
FOR IMMEDIATE RELEASE
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Contact: Cosmo S. Trapani Joe M. Grillo
CIRCOR International, Inc. Nicolazzo & Associates
(781) 273-6268 (617) 951-0000
CIRCOR INTERNATIONAL, INC. (NYSE:CIR) BEGINS
TRADING ON THE NEW YORK STOCK EXCHANGE
New Spin-Off Delivers Critical Valve Technologies to Global
Instrumentation and Fluid Regulation and Petrochemical Markets
BURLINGTON, Mass., Tuesday, Oct. 19, 1999 - CIRCOR International, Inc, a
leading global provider of valve technologies for the instrumentation and fluid
regulation and petrochemical industries, today began trading its shares on The
New York Stock Exchange under the symbol "CIR."
CIRCOR was spun off from Watts Industries, Inc. (NYSE:WTS). CIRCOR and its
affiliates own and operate all of the businesses that previously comprised
Watts' industrial, oil and gas businesses. Collectively, these businesses
represent $323 million in revenues for the fiscal year ended June 30, 1999.
Earlier today, David A. Bloss, Sr., CIRCOR Chairman, President and Chief
Executive Officer, board members and other senior company executives attended
special first-day-of-trading ceremonies on the floor of the Exchange. Bloss, who
was previously President and Chief Operating Officer of Watts, purchased the
first shares traded on the Exchange and later in the day is expected to bang the
gavel to close the session.
Commenting from New York, Bloss said, "The launch of CIRCOR is an exciting
opportunity to grow the global presence of our valve technology. Our vision is
to offer products that assist in the world's ability to use fluids safely and
efficiently in improving everyday life. We have assembled a core management team
that have a proven track record to fulfill that vision and grow the company.
CIRCOR products will set the standard for quality, value and mission-critical
applications."
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CIRCOR Press Release
Page 2
Oct. 19, 1999
In addition, CIRCOR has adopted a Shareholder Rights Plan. The Plan is
designed to enhance the Board's ability to protect shareholder interests and to
ensure that shareholders receive fair treatment in the event any coercive
takeover attempt of CIRCOR is made in the future. The Plan is intended to
provide the Board with sufficient time to consider any and all alternatives to
such an action.
CIRCOR designs, manufactures and distributes a full line of products
through two major product groups: Instrumentation and Fluid Regulation Group and
Petrochemical Products Group. The Instrumentation and Fluid Regulation Products
Group manufactures and markets valves and controls for diverse end-user
applications including hydraulic, pneumatic, cryogenic and steam applications.
Products include precision valves, compression tube and pipe fittings, control
valves and regulators. Businesses in this unit include Aerodyne Controls,
Atkomatic Valve Company, Circle Seal Controls, Inc., Go Regulator, Inc., Hoke,
Inc., Leslie Controls, Inc., Nicholson Steam Trap and Spence Engineering
Company.
The Petrochemical Products Group manufactures and supplies flanged and
threaded floating ball valves, trunnion supported ball valves, needle valves,
check valves, butterfly valves, large forged steel ball valves, gate valves and
strainers for use in oil, gas and chemical processing and industrial
applications. This group is one of the top producers of ball valves for the oil
and gas market worldwide. Companies within this group include Contromatics
Industrial Products, KF Industries, Inc., Pibiviesse S.p.A, SWVC Ltd., SSI
Equipment and Telford Valve and Specialties, Inc.
CIRCOR markets its products to distributors and end-users primarily through
commissioned representatives and also has a direct sales force. The company,
which will have approximately 1,635 employees worldwide, has fully integrated
and highly automated manufacturing capabilities and all its major facilities
have acquired ISO 9000, 9001 or 9002 certification as wall as American Petroleum
Institute certification for petrochemical products.
CIRCOR has operations in California, Connecticut, Florida, New Hampshire,
New York, Oklahoma, South Carolina and Texas; Canadian plant operations in
Burlington, Ontario and Edmonton, Alberta; and overseas facilities in China and
Italy.
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CIRCOR Press Release
Page 3
Oct. 19, 1999
CIRCOR International, Inc. is a leading provider of leading edge
technologies that help customers around the world use fluids safely and
efficiently while improving the quality of everyday life. The Company's products
address mission-critical applications in the Fluid Regulation and
Instrumentation and Petrochemical markets, CIRCOR is headquartered at, 35
Corporate Drive, Burlington, Mass. 01803, (781) 270-1200. The company can be
found on the World Wide Web at www.circor.com.
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This press release contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E 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. Actual
events, performance and results could differ materially from the anticipated
events, performance or results expressed or implied by such forward-looking
statements. The factors which may cause such differences include, among other
things, CIRCOR's ability to complete future acquisitions and to successfully
integrate future and past acquisitions; CIRCOR's ability to develop and market
new products; the competitive environment; and general economic conditions. For
further information, please refer to CIRCOR's filings with the Securities and
Exchange Commission.
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