BURLINGTON, Mass.--(BUSINESS WIRE)--CIRCOR International, Inc. (NYSE: CIR), a leading provider of flow-control solutions and other highly engineered products for the Industrial, Energy and Aerospace & Defense markets, today announced the sale of certain assets and liabilities relating to its Spence and Nicholson product lines to Emerson (NYSE: EMR) for approximately $84.5 million in cash, subject to an adjustment for working capital. The transaction closed on Friday, August 30, 2019. The Company expects to use the net proceeds from the sale to pay down outstanding debt.

“Consistent with our growth strategy, this divestiture sharpens the focus on our core, mission-critical flow-control platforms and delivers on our commitment to strengthen our balance sheet,” said Scott Buckhout, President and Chief Executive Officer of CIRCOR. “The Board of Directors and management are confident that the steps we are taking, including the evaluation of other non-core businesses, will continue to deliver enhanced value for our shareholders in the near- and long-term.”

For 2018, the Spence and Nicholson product lines contributed approximately $7 million of operating income. The product lines provide steam regulators and steam traps for the district heating market.

About CIRCOR International, Inc.

CIRCOR International, Inc. designs, manufactures and markets highly engineered products and sub-systems for markets including Industrial, Energy and Aerospace & Defense. CIRCOR has a diversified product portfolio with recognized, market-leading brands that fulfill its customers’ unique application needs. The Company’s strategy is to grow organically and through complementary acquisitions; simplify the Company; achieve world class operational excellence through the application of the CIRCOR Operating System; and attract and retain top industry talent. For more information, visit the Company’s investor relations website at http://investors.circor.com.