CIRCOR International Inc.
), a valve and other engineered products manufacturer for the
energy, industrial and aerospace markets, recently named Mr.
Scott Buckhout as the President and Chief Executive Officer (CEO)
for the company.
Mr. Buckhout takes over the responsibilities from the
currently acting President and CEO Mr. Wayne Robbins, effective
immediately. Mr. Robbins who assumed the roles in December last
year, subsequent to the stepping down of Mr. Bill Higgins, will
continue acting as the Executive Vice President and Chief
Operating Officer (COO).
The search for a permanent CEO started in December last year,
which ended up with Mr. Buckhout, who was working as the
President of Fire and Security division, a part of the
United Technologies Corporation
). The position of CEO in CIRCOR International also elevates Mr.
Buckhout to the company's board of directors.
Prior to United Technologies, Mr. Buckhout served in the
senior management in various roles at
Honeywell International Corporation
), a diversified technology and manufacturing company.
With work experience of over 20 years, the newly appointed CEO
is expected to drive CIRCOR to newer heights. Endowed with
leadership qualities and experience in integrating and
rationalizing acquisitions, he is expected to guide the company's
business to unlock further value. The company is also hopeful
that Mr. Buckhout will improve CIRCOR's operating results and
margins, along with the expansion of the overall business.
Subsequent to the appointment of Mr. Robbins as the acting
CEO, CIRCOR reported impressive fourth quarter 2012 results, with
earnings per share of 69 cents, beating the Zacks Consensus
Estimate of 55 cents by 25.5%.
Exiting the fourth quarter, CIRCOR had cash and cash
equivalents of $61.7 million, which it proposes to use for any
lucrative acquisition opportunity, driving growth. With Mr.
Buckhout, a veteran in acquisition strategies, we expect to see
development in this area.
CIRCOR currently carries a Zacks Rank #3 (Hold). Another
player in the industrial equipment and components industry,
), carries a Zacks Rank #1 (Strong Buy).
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