CIRCOR, Subsidiaries Battle 10,000 Asbestos Claimants ----------------------------------------------------- Published December 13, 2002 CIRCOR International and its subsidiaries, Leslie Controls, Inc., Spence Engineering Company, Inc., and Hoke, Inc., collectively have been named as defendants or third-party defendants in asbestos related claims brought on behalf of around 10,000 plaintiffs against anywhere from 50 to 400 defendants. In some instances, CIRCOR also has been named as successor in interest to one or more of these subsidiaries. The cases brought on behalf of the vast majority of claimants seek unspecified compensatory and punitive damages against all defendants in the aggregate. However, with respect to the complaints filed on behalf of approximately 121 plaintiffs in New York, each plaintiff seeks $5.0 million compensatory damages and $5.0 million punitive damages against the aggregate of defendants under each of six causes of action. Similarly, with respect to the complaints filed in California on behalf of eleven claimants, each plaintiff seeks approximately $400,000 compensatory damages and $2.5 million punitive damages against the aggregate of defendants. COMPANY PROFILE CIRCOR International, Inc. (NYSE: CIR) 35 Corporate Dr. Burlington, MA 01803 Phone: 781-270-1200 Fax: 781-270-1299 http://www.circor.com Employees : 1,900 Revenue : $ 343,100,000 Net Income : $ 15,600,000 Assets : $ 386,100,000 Liabilities : $ 163,700,000 (As of December 31, 2001) Description: CIRCOR makes instrumentation and fluid regulation products, including precision valves, tube and pipe fittings, and regulators for hydraulic, pneumatic, cryogenic, and steam systems. CIRCOR's remaining sales come from making valves and other products for the oil and gas industry. The company's products are sold through distributors in some 90 countries to the aerospace, oil, pharmaceuticals, and power industries. US customers account for two-thirds of sales. CIRCOR was spun off from Watts Industries in 1999. Timothy Horne, a CIRCOR director and CEO of Watts, and his family own about 29% of the company. ------------------------------------------------------------------- LitigationDataSource.com