Circor Flow Technologies India Private Ltd, a wholly owned subsidiary of Circor International Inc, has acquired the valves division of India-based Mazda Ltd, a manufacturer of severe service control valves and vacuum systems. The acquired operation will be integrated into the Company's Flow Technologies segment.
Terms of the deal, which was an all-cash transaction, were not disclosed. Circor anticipates that the acquisition will be accretive to earnings on a GAAP basis in the first 12 months of combined operations. In the 12 months prior to the acquisition, Mazda's valves division generated revenues of approximately $3.2 million.
"This acquisition provides Circor with greater access to the steadily growing Indian power generation industry and broadens our product offering with a suite of severe service control valves," said Chairman and CEO Bill Higgins.
"Just over a year ago we incorporated our subsidiary in India and have been steadily building an engineering, sourcing and sales organization. Mazda is another great milestone in our commitment to expanding in emerging markets. The Country Manager for Circor India, Sriram Natarajan, was actively involved in the Mazda acquisition and will continue to drive the execution of our globally-proven growth and lean manufacturing strategies in India."
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