Circor opens valve on new business

London
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Valves, motors and actuators maker Circor saw aerospace segment operating profit slump 22% to $9.8 million in 2012 despite adding 3% to sales, taking the top line to more than $141 million.

The decrease in operating margin - from 8.6% to just 3.5% - was attributed to production start-up and R&D investments "to support new large programmes with new customers" which Circor describes as having "very long time horizons".

But, Circor adds, order "should lead to further business opportunities with these customers". Year-end backlog was up 1% at $159.5 million.