CIRCOR International Inc. ( CIR ), 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 ( UTX ). 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 ( HON ), 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, NSK Ltd. ( NPSKY ), carries a Zacks Rank #1 (Strong Buy).
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