CIRCOR International Announces Completion of Acquisition by KKR and Welcomes Dan Daniel as Board Chair
- CIRCOR common stock has ceased trading and will no longer be listed on the New York Stock Exchange
- KKR's investment is seen as a positive move for CIRCOR's future growth and innovation
- Dan Daniel, with extensive experience in leading industrial companies, will assume the role of Chair of CIRCOR
- KKR will implement a broad-based employee ownership program to engage employees and build a stronger company
- None.
“Today marks an exciting new chapter for CIRCOR,” said Tony Najjar, President and Chief Executive Officer of CIRCOR. “KKR’s exceptional track record in the flow control space and commitment to invest in employees makes them a perfect strategic partner for our future. We look forward to working with KKR as we continue to grow, innovate, and improve CIRCOR for the benefit of our customers.”
In conjunction with the transaction close, Dan Daniel will assume the role of Chair of CIRCOR. “I am honored to be joining the Board of CIRCOR as Chair and admire the Company for its leadership in the flow control space,” said Mr. Daniel. “I look forward to working with CIRCOR’s talented team to take the business to new heights as a private company.”
Mr. Daniel has three decades of experience leading
KKR will also support CIRCOR in implementing a broad-based employee ownership program to allow all of its employees to have the opportunity to participate in the benefits of ownership of the Company. This strategy is based on the belief that employee engagement and a strong ownership culture are key drivers in building stronger companies. Since 2011, KKR portfolio companies have awarded billions of dollars of total equity value to over 60,000 non-senior management employees across more than 35 portfolio companies.
The parties have selected Equiniti Trust Company, LLC as the paying agent for the merger consideration.
About CIRCOR International, Inc.
CIRCOR International, Inc. is one of the world’s leading providers of mission critical flow control products and services for the Industrial and Aerospace & Defense markets. The Company has a product portfolio of market-leading brands serving its customers’ most demanding applications. CIRCOR markets its solutions directly and through various sales partners to more than 14,000 customers in approximately 100 countries. The Company has a global presence with approximately 3,100 employees and is headquartered in
About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20231017080316/en/
Media:
For CIRCOR:
Scott Solomon
Sharon Merrill Associates, Inc.
(857) 383-2409
CIR@investorrelations.com
For KKR:
Julia Kosygina
(212) 750-8300
media@kkr.com
Source: CIRCOR International, Inc.
FAQ
What is the acquisition price per share?
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