CIRCOR International, Inc. and its subsidiaries (CIRCOR) designs, manufactures, and markets differentiated technology products and sub-systems for the industrial and aerospace and defense markets.
The company has a diversified flow and motion control product portfolio with recognized, market-leading brands that fulfill the company’s customers’ mission critical and severe service needs. The company’s strategy is to grow organically through innovative product development, aftermarket growth, pene...
CIRCOR International, Inc. and its subsidiaries (CIRCOR) designs, manufactures, and markets differentiated technology products and sub-systems for the industrial and aerospace and defense markets.
The company has a diversified flow and motion control product portfolio with recognized, market-leading brands that fulfill the company’s customers’ mission critical and severe service needs. The company’s strategy is to grow organically through innovative product development, aftermarket growth, penetrating new regions, and leveraging core technologies into growth markets like hydrogen, medical and space; and build an inclusive, growth-oriented culture.
The company has a global presence and operates 18 major manufacturing facilities located in North America, Western Europe, Morocco, China and India. The company sells its products directly to end-user customers and original equipment manufacturers (‘OEMs’), as well as through Engineering, Procurement and Construction (‘EPC’) companies and the company’s channel partner network.
The company’s businesses sell into both long-term capital projects, as well as short-cycle demand. The company’s products are used in the aerospace, military, commercial aircraft, analytical equipment, oil and gas refining, power generation, chemical processing and maritime industries.
The company derives a significant portion of its revenue from sales outside the United States. In addition, one of the company’s key growth strategies is to sell its products in international markets not significantly served by the company in portions of Europe, Latin America and Asia. The company markets its products and services outside of the United States through direct sales, distributors, and technically trained commissioned representatives.
Business Segments
The company operates through Industrial and Aerospace & Defense reportable business segments.
Industrial segment
Industrial segment is a global portfolio of highly engineered and differentiated flow control solutions. The company’s primary products are positive displacement pumps, specialty centrifugal pumps, metering pumps, automatic recirculating valves, and control valves for mission critical applications.
The company’s technology is focused on moving the most difficult fluids with extremely high efficiency for critical applications in the general industrial, power and process, energy, and commercial marine end markets.
The company plans to grow the Industrial segment by improving its understanding of the company’s customers and their challenges and providing innovative new products, including digitally enabled products, in multiple product lines that address the company’s customers' severe service and mission critical needs. The company is driving growth regionally and developing products in-region, for-region. The company is using multiple digital tools, including a new CIRCOR app, to support its customers in the aftermarket.
Markets and Applications
Industrial segment serves the general industrial, power and process, energy and commercial marine markets.
The general industrial market includes a broad range of manufacturing operations for flow control. The company’s products are used to handle fluids with a wide range of viscosity, lubricity, temperature, pressure and flow requirements, automate and control plant utilities, increase energy efficiency in buildings and campuses, and safely regulate critical fluids, such as steam and industrial gases used in manufacturing processes.
The power and process market is consisted of electric utilities, industrial power producers and OEM power generating equipment providers. The company’s products and services are used across this segment in lubrication management for turbines and generators, as well as fuel delivery, heat transfer, and emissions reduction applications. The company serves power generation facilities and processes fueled by natural gas, oil, hydro, solar, nuclear, and coal.
The energy markets the company serves are primarily midstream and downstream oil & gas, as well as renewables. In midstream, the company’s products and services are used in the transfer of oils and refined products via pipelines, ship vessels, railcars, and trucks. The company’s products and services are also used to manage and maintain storage terminals. In downstream, the company’s products are used to support critical refining processes, both directly in the process and as part of integrated equipment supplied by OEMs. The company’s products are also used in the production and management of biofuels and supporting the operation of large-scale wind farms.
The commercial marine market includes shipbuilders, OEM suppliers of onboard equipment, and shipping fleet operators. The company’s products and services are designed specifically to support all aspects of fluid systems, including propulsion, ballast handling, cooling water, bilge, fuel, power generation, and hydraulics.
In all of the markets the company serves, the company provides aftermarket components and aftermarket services.
Brands
Industrial manufactures and markets products and services through various brands, such as Allweiler, DeltaValve, Houttuin, IMO Pump, IMO AB, Leslie Controls, RG Lawrence, RTK, Schroedahl, TapcoEnpro, Tushaco, and Zenith.
Products
Industrial offers a range of flow control products and services, including 3 Screw Pumps, 2 Screw Pumps, Progressing Cavity Pumps, Specialty Centrifugal Pumps, Gear Metering Pumps, Automatic Recirculation Valves, Highly engineered valves, top and bottom unheading devices and center feed devices for refinery coking and Fluidized Catalytic Cracking Units (FCCU) operations, and Severe Service and General Service Control Valves.
The company’s products must comply with certification standards applicable to many of the company’s end markets. These standards include but are not limited to ISO 9001:2008, ANSI/ASQC Q 9001, API 676, and Mil-I-45208.
Customers
Industrial's products and services are sold directly to end-users, OEMs that supply specialized systems in their respective end markets, and EPC companies and through a global network of indirect sales channels.
Aerospace & Defense segment
Aerospace & Defense segment designs and produces diversified and innovative flow and motion control products. The company’s primary product focus areas are valves, pumps, electric motors, kinetic switches, high pressure pneumatic regulators and subsystems, and various ElectroMechanical assemblies. Aerospace & Defense products are mainly used in commercial aerospace, defense aerospace, Navy ships and submarines and general industrial markets.
The company plans to grow Aerospace & Defense by increasing market share in existing and new markets through exceptional sales and customer service and with new products enabled by innovative, reliable and high-quality solutions. A key part of the company’s strategy is to leverage the company’s core product technologies and technical capabilities to drive growth in new markets, such as hydrogen transportation and dispensing, medical equipment, space, and hypersonic missiles. The company is focused on capturing new business on new and existing platforms by providing innovative and best value solutions to its customers. The company is also continuing to leverage its large installed base and its value-based strategy to drive growth and margin expansion from the company’s aftermarket. The company is also leveraging its manufacturing footprint in Morocco and sourcing initiatives in best cost countries to support the company’s growth strategy and margin expansion on high value programs.
The company has Aerospace & Defense facilities in North America, the United Kingdom, France, Morocco, and India.
Markets and Applications
Aerospace & Defense serves the aerospace and defense markets.
The aerospace market that the company serves includes commercial aerospace primarily focused on subsystems and components on commercial aircraft and business jets, such as hydraulic, pneumatic, fuel and ElectroMechanical components, including maintenance, repair and overhaul (MRO). In addition, the company serves the defense aerospace market, including applications where controls or motion switches are mission critical. The company supports fixed wing aircraft, rotorcraft, missile systems, weapon launch systems, ordinance, fire control, fuel systems, pneumatic controls, and hydraulic systems.
The non-aerospace defense market that the company serves is primarily focused on naval vessels, with the company’s pumps and valves used across most naval platforms in a wide variety of onboard applications. The company is a trusted supplier to many countries' navies, leveraging the company’s engineering and manufacturing capabilities to work directly with its customers in developing targeted solutions for mission critical applications, including very low acoustic signature pumps for submarines.
The company also serves various other markets, such as hydrogen, medical and space leveraging its core products technologies and technical capabilities.
In all of the markets the company serves, the company provides aftermarket components and repair services.
Brands
Aerospace & Defense manufactures and markets control valves, pumps, regulators, fluid controls, pneumatic valves and controls, electro-mechanical controls, electric motors and other flow control products and subsystems. Aerospace & Defense provides actuation and fluid control systems and services through the following brands: CIRCOR Aerospace, Aerodyne Controls, CIRCOR Bodet, CIRCOR Industria, CIRCOR Motors, Hale Hamilton, Leslie Controls, Portland Valve, and Warren Pumps.
Products
Aerospace & Defense offers a range of products, including Specialty Centrifugal, 2-Screw, and Propeller Pumps; Specialized control valves; MIL-Spec butterfly valves and actuators; electromechanical, pneumatic, and hydraulic, fluid and motion control components and subsystems; Brushless DC Motors; Kinetic Switches; pressure regulators and pressure control systems; and actuation components and sub-systems.
In the manufacture of the company’s products, the company must comply with certain certification standards, such as AS9100C, ISO 9001:2008, National Aerospace & Defense Contractors Accreditation Program, Federal Aviation Administration Certification and European Aviation Safety Agency, as well as other customer qualification standards. All of the company’s manufacturing facilities comply with applicable standards.
Customers
Aerospace & Defense products and services are sold directly and indirectly to a range of customers, including those in the military and defense, commercial aerospace, business and general aviation and general industrial markets. The company’s customers include aircraft manufacturers (OEMs) and Tier 1 and Tier 2 suppliers to these customers, missile systems integrators, Naval Shipyards, the U.S. Department of Defense, the U.K. Ministry of Defense, various commercial airlines, various industrial customers and various other end users.
Strategy
The company’s strategy is to drive organic growth. The company serve mission critical applications across the company’s A&D and Industrial portfolio, and typically enjoy competitive position in the market segments the company serves. One of the pillars of the company’s growth is customer intimacy.
Selling and Distribution
Across the company’s businesses it utilizes a variety of channels to market the company’s products and solutions. Those channels include direct sales, distributors and commissioned representatives. The company’s channel partner network typically offers technically trained sales forces with strong relationships in key markets. The company’s established, global direct and indirect sales channels constitute a competitive strength. The company has good relationships with its channel partners.
Intellectual Property
The company’s patents are scheduled to expire between 2022 and 2038.
Regulatory and Environmental Matters
The services the company provides to the U.S. federal government are subject to Federal Acquisition Regulation, the Truth in Negotiations Act, export controls rules and Department of Defense (DOD) security regulations, as well as many other laws and regulations.
The export of the company’s products is subject to applicable trade controls laws, including those in the U.S., the European Union, United Kingdom and China, and include, but are not limited to, the International Traffic in Arms Regulations, the Export Administration Regulations, and trade sanctions against embargoed countries.
The company is subject to the U.S. Foreign Corrupt Practices Act and similar anti-bribery laws, which generally prohibit companies and their intermediaries from making improper payments to foreign government officials for the purpose of obtaining or retaining business.
Research and Development
The company’s research and development expenditures were $7.7 million for the year ended December 31, 2022.
Competition
The primary competitors of the company’s Industrial segment include Leistritz AG, Curtiss-Wright Corporation, Netzsch GmbH, ITT Corporation, IMI plc, SPX Flow, Inc., Seepex GmbH, and Naniwa Ltd.
The primary competitors of the company’s Aerospace & Defense segment include Transdigm, Crane Co., Curtiss-Wright Corporation, Moog, Inc., Parker Hannifin Corp., and Woodward Inc.
History
CIRCOR International, Inc. was founded in 1999. The company was incorporated under the laws of Delaware in 1999.
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