A valve design, development and manufacturing company, CIRCOR Flow Technologies India Private Ltd (CIRCOR India), has acquired the valves division of Ahmedabad-based Mazda Ltd., a manufacturer of severe service control valves and vacuum systems in an all-cash transaction.
The acquired operation, terms of deal of which were not disclosed, will be integrated into CIRCOR India’s flow technologies segment.
CIRCOR India, a wholly owned subsidiary of CIRCOR International Inc., anticipates that the acquisition will be accretive to earnings on a GAAP basis in the first 12 months of combined operations. Almost a year prior to the acquisition, Mazda's valves division generated revenues of approximately $ 3.2 million (Rs 16.30 crore).
"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 Bill Higgins, chairman and CEO of CIRCOR India, in a press communiqué.
CIRCOR International Inc., was established in 2009 to capitalize on the rapidly growing market opportunities in India within the oil and gas, power generation, and Industrial segments. CIRCOR India is actively engaged in expanding its supplier and customer base as a valve design, development and manufacturing company.
"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," Higgins added.
With more than 9,000 customers in over 100 countries, CIRCOR has a diversified product portfolio with some of the leading brands.