Circor International revealed it will dispose of its long-cycle upstream oil & gas engineered valve business to P&P Flow Control, an affiliate of Certina Holding AG, with an earnout of 50% of net income over seven years up to a maximum of €18M.
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.
Gamco Investors’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.
Image credit: Circor