06 Jan 15. CIRCOR International, Inc. (NYSE: CIR), a leading provider of valves and other highly engineered products for markets including oil & gas, power generation and aerospace & defense, announced the divestiture of two of its non-strategic businesses. Terms were not disclosed.
Sagebrush Pipeline Equipment Company, part of the Energy segment, has been sold through a management buyout agreement. Based in Tulsa, Oklahoma, Sagebrush primarily provides engineering, design, and fabrication of custom skids for measurement, control, and operation of oil and gas pipelines. Within its Aerospace & Defense segment, CIRCOR has completed the sale of Cambridge Fluid Systems (CFS) to HAM-LET (Israel-Canada) Ltd. CFS, located in the United Kingdom, is a full-service provider of fabricated control systems for semiconductor and LED manufacturing industries. For 2014, CIRCOR expects Sagebrush and CFS revenues of approximately $41m and $12m, respectively, with mid-single digit adjusted operating margins resulting in an aggregate contribution of approximately $0.10 to $0.12 per diluted share for both businesses.
“Divesting Sagebrush and CFS is consistent with our simplification strategy and enables us to focus our resources on businesses where we have the best opportunities to achieve sales growth, higher margins, and market leadership,” said Scott Buckhout, CIRCOR’s President and Chief Executive Officer. “We continue to execute on our top priorities: growth, margin expansion, cash flow and disciplined capital deployment.” (Source: Yahoo!/BUSINESS WIRE)
04 Jan 15. With opportunities opening up once again in the defence sector, French aerospace major Thales is considering joint ventures (JVs) with over 50 Indian companies to enhance its industrial footprint. “We are planning to expand locally in India through our own wholly owned subsidiary Thales India Private Limited (TIPL), JVs and all the partnerships with the local industry that can be envisaged,” TIPL vice president and country director Antoine Caput told IANS. He said the company is looking to enhance its industrial footprint and develop talent in the sector to initiate innovation which will further its growth strategy. “We have identified over 50 offset partners in India. Some of those we are currently working with, for various projects, include HAL and BEL among others”, he said. The defence equipment maker said it will closely follow the requirements of the Indian armed forces and participate in all relevant opportunities that will come up. “Some of these projects are in the area of combat aircraft; ground-based air defence systems; ground, ship and airborne sensors; tactical communication and avionics”, Caput said. The company is also eyeing deals in the civil aerospace, security and transportation domain. In late August last year, the company entered into a JV with Bharat Electronics Ltd (BEL) where it holds 26 percent equity. (Source: Google/ Indo-Asian News Service)
07 Jan 15. Gnostech Joins Braxton Science & Technology Group. Braxton Science & Technology Group, LLC (BSTG) and The O’Neil Group Company, LLC announce the purchase of Gnostech Inc., a 75-person engineering firm specializing in cybersecurity, system integration and security related software development, GPS user equipment and signals modelling, simulation and testing, as well as critical mission planning. Gnostech is headquartered in Warminster, Pennsylvania. The sale closed December 24, 2014. Frank Backes, BSTG’s CEO, noted, “This purchase adds GPS User Segment work to our existing Space and Ground Segment contracts. The DoD cyber security and information assurance contracts will align well with our existing Air Force and Commercial work and expand our national presence with offices in Pennsylvania, Virginia and California.” Gnostech will be a wholly-owned subsidiary of BSTG, which allows Gnostech to take advantage of BSTG’s advanced marketing and financial tools while maintaining a strong and independent