EXHIBIT 99.1

PRESS RELEASE

CIRCOR Reports Fourth Quarter and 2009 Results

Burlington, MA – February 24, 2010 – CIRCOR International, Inc. (NYSE: CIR), a leading provider of valves and other highly engineered products for the instrumentation, aerospace, thermal fluid and energy markets, today announced results for the fourth quarter and full year ended December 31, 2009. Beginning in the fourth quarter of 2009, the Company is reporting its Aerospace business as a separate operating segment to better reflect the way management now makes operating decisions and manages the growth and profitability of the business.

Management Comments on Fourth Quarter Results

“We continued to execute well in a difficult market environment in the final quarter of 2009 and met our guidance for both revenue and adjusted earnings per share, excluding a non-cash pretax asbestos charge of $39.8 million to establish a five-year reserve for future asbestos claims and other fourth quarter asbestos charges,” said Chairman and Chief Executive Officer Bill Higgins.

“Company-wide fourth-quarter bookings were up 19% both year-over-year and sequentially, reflecting what we believe are signs of stability in certain of our end-markets,” said Higgins. “Our Energy group delivered strong year-over-year and sequential bookings growth in long-cycle international projects business. We continued to experience a significant year-over-year decrease in short-cycle bookings due to the decline in rig counts but experienced some stabilization as short-cycle bookings increased over the third quarter of 2009. Within our Aerospace group, we experienced lower year-over-year and sequential bookings due to softness in commercial aerospace and the timing of lumpy military-related orders. At Flow Technologies, strong year-over-year and sequential bookings were due to navy and semiconductor end-market strength, offset by continued weakness within our industrial end-markets.”

“Our commitment to improving our operations through Lean, global sourcing and aggressive cost controls resulted in improvements in adjusted operating income margin on a sequential basis at both our Aerospace and Flow Technologies groups,” Higgins continued. “We are optimistic that cost-reduction measures we took in the fourth quarter to improve margins within the Energy group, including the consolidation of multiple facilities in Oklahoma as well as the transfer of most of our short cycle machining to China, will improve the group’s future margin performance.”

Consolidated Results Fourth Quarter 2009

Revenues for the fourth quarter of 2009 were $158.1 million, a 22% decrease from $202.0 million reported in the fourth quarter of 2008. The Company recorded a net loss of $20.7 million, or $1.22 per share, in the fourth quarter of 2009, compared with a net loss of $110.1 million, or $6.52 per share, in the corresponding quarter of 2008.

Fourth-quarter 2009 net income includes $40.4 million of pretax asbestos charges (consisting of an estimated five-year future asbestos indemnity claim reserve of $39.8 million and $0.6 million of other asbestos charges) and a $0.5 million non-cash intangible trade name impairment charge related to product trade names recorded as a special charge. Fourth-quarter 2008 net income includes $1.4 million in pre-tax asbestos charges and a pre-tax, non-cash goodwill and intangible impairment charge of $141.3 million recorded as a special charge.

On an adjusted basis, excluding the after-tax effect of special charges in both periods mentioned above, the net loss would have been $20.4 million, or $1.20 per diluted share, compared with net income of $19.0 million, or $1.12 per diluted share, for the fourth quarter of fiscal 2008. Excluding the after-tax effect of the special charges and the non-cash five-year asbestos reserve estimate, adjusted net income would have been $5.5 million, or $0.32 per diluted share, for the fourth quarter of 2009.

Consolidated Results Full Year 2009

Revenues for the full year ended December 31, 2009 decreased 19% to $642.6 million compared with $793.8 million for full year 2008. In full year 2009, the Company reported net income of $5.9 million, or $0.34 per diluted share, compared to a net loss of $59.0 million, or $3.51 per share, in 2008. Full year 2009 net income includes pre-tax special recoveries of $1.2 million, which include a pre-tax gain of $1.7 million related to proceeds from the sale of land use rights and a benefit related to an acquisition completed earlier in the year, partially offset by the $0.5 million non-cash trade name impairment charge. Full year 2008 results include pre-tax special charges of $141.5 million, primarily related to goodwill and trade name impairment charges.

Excluding the after-tax effect of the special charges as well as the estimated five-year future asbestos indemnity claim reserve in the fourth quarter, but including other cash asbestos charges, adjusted net income for full year 2009 would have been $30.9 million, or $1.80 per diluted share.

Consolidated Orders and Free Cash Flow

The Company received orders totaling $170.9 million during the fourth quarter of 2009, up 19% year-over-year and sequentially. The Company believes the year-over-year and sequential increase in order activity reflects stabilizing market conditions. Orders for full year 2009 totaled $605.7 million and backlog totaled $316.7 million, compared with $742.3 million and $342.7 million, respectively, in 2008.

During the fourth quarter of 2009, the Company generated $11.8 million of free cash flow, defined as net cash from operating activities, less capital expenditures and dividends paid, compared with $23.2 million in the fourth quarter of 2008. For full year 2009, the Company had free cash flow of $33.0 million compared with $47.3 million in 2008. The decline in free cash flow from 2008 largely resulted from the lower operating profit, partially offset by working capital improvements and a decrease in capital spending.

Energy

CIRCOR’s Energy segment revenues decreased by 39% to $66.1 million for the fourth quarter of 2009, from $107.5 million in the fourth quarter of 2008. The year-over-year decrease included volume declines of 48%, slightly offset by growth from acquisitions of 6% and favorable foreign currency adjustments of 4%.

Incoming orders for the fourth quarter of 2009 were $78.2 million, an increase of 62% from $48.3 million in the fourth quarter of 2008, and a 42% increase from $55.1 million in the third quarter of 2009. The significant year-over-year increase was primarily the result of several large international project orders booked in the fourth quarter of 2009 as well as the lack of any large international project orders booked in the fourth quarter of 2008. Ending backlog totaled $133.3 million, a 23% decrease compared with $172.9 million at the end of the fourth quarter of 2008, and a 17% increase sequentially.

The Energy segment adjusted operating margin, which excludes the impact of special charges, was 3.0% during the fourth quarter of 2009 compared to 20.1% for the fourth quarter of 2008. Fourth quarter 2009 margins were negatively impacted by organic revenue declines across the segment, the associated lost operating leverage, unfavorable pricing in large international projects and costs to reduce the segment’s workforce plus facility relocation expenses. These were partially offset by lower commissions and increased productivity.

Aerospace

CIRCOR’s Aerospace segment revenues increased by 4% to $28.5 million for the fourth quarter of 2009, from $27.5 million in the fourth quarter of 2008. Growth through acquisitions of 13% and favorable foreign currency adjustments of 3%, offset organic growth decline of 12%.

Incoming orders for the fourth quarter of 2009 were $23.7 million, a decrease of 45% from $43.1 million in the fourth quarter of 2008, and a 17% decrease from $28.6 million in the third quarter of 2009. The year-over-year decrease was due to order timing in military-related projects and ongoing softness in the commercial OEM business. Ending backlog totaled $115.3 million, a 13% increase compared with $102.0 million at the end of the fourth quarter of 2008, and a 4% decrease sequentially.

The Aerospace segment’s adjusted operating margin, which excludes the impact of special charges, was flat year-over-year at 14.7% during the fourth quarter of 2009. Fourth quarter 2009 margins benefited from improved pricing as well as lean and sourcing productivity gains, offset primarily by reduced volume and associated leverage as well the dilutive impact of acquisitions.

Flow Technologies

CIRCOR’s Flow Technologies segment revenues decreased 5% to $63.5 million from $67.0 million in the fourth quarter of 2008. Favorable foreign exchange adjustments of 4% were more than offset by volume declines of 10%. Incoming orders for this segment were $69.0 million for

the fourth quarter of 2009, an increase of 33% from the fourth quarter of 2008 and an increase of 15% from the third quarter of 2009. Ending backlog was $68.0 million, approximately flat from the fourth quarter of fiscal 2008 and a 7% increase from the third quarter of fiscal 2009.

This segment’s adjusted operating margin, which excludes the impact of special and asbestos charges, for the fourth quarter of 2009 was 11.7% compared with 9.7% in the fourth quarter of 2008. The year-over-year increase was the result of improved productivity from lean, sourcing and facility consolidations, as well as ongoing cost control programs.

Business and Financial Outlook

“Although we began to see some market stability in the fourth quarter, especially at our Flow Technologies and Energy Groups, we continue to have limited visibility,” said Higgins. “In Energy, the short-cycle business improved slightly in the fourth quarter as rig counts have strengthened and we expect distributors to work through inventory destocking within the first quarter. Quoting activity continues on large international product orders, although pricing pressure continues to challenge margins. We believe industrial end markets in Flow Technologies bottomed in the second quarter of 2009 and on balance we expect them to remain stable through the first half of 2010. We expect the commercial aerospace business will likely remain soft while the military aerospace market should continue to benefit from prior orders.”

“The quality of earnings initiatives CIRCOR implemented in 2009 have enabled the company to enter 2010 a much leaner and stronger organization,” Higgins said. “Overall headcount is down 21% year over year, excluding acquisitions, and we have taken significant costs out of our businesses. We are confident that our lower cost structure, which is more closely aligned with near-term demand, will enable us to deliver significant profitability improvement when sales volumes rebound to more normalized levels. Our balance sheet remains strong and our ability to generate strong cash flow will enable us to complement organic growth with strategic acquisitions in 2010.”

The Company currently expects revenues for the first quarter of 2010 in the range of $148 million to $154 million and earnings, excluding special charges, to be in the range of $0.10 to $0.15 per diluted share.

“We anticipate that the sequential decline in revenues compared with the 2009 fourth-quarter will impact all of our segments, and that consolidated first quarter 2010 adjusted operating margins will be in line with the 2009 fourth quarter. As we work our way through the remainder of 2010, we expect to have sequential improvements in adjusted operating margins,” concluded Higgins.

Conference Call Information

CIRCOR’s Chief Executive Officer, Bill Higgins, and Chief Financial Officer, Fred Burditt, will host a conference call live on Thursday, February 25, 2010 at 9:00 a.m. ET to discuss the financial results. Those who wish to listen to the conference call and view the accompanying presentation slides should visit “Webcasts & Presentations” in the “Investor Relations” portion of the CIRCOR website. The live call also can be accessed by dialing (877) 407-5790 or (201) 689-8328. If you are unable to listen to the live call, the webcast will be archived on the Company’s website.

Use of Non-GAAP Financial Measures

Adjusted net income, adjusted earnings per diluted share, adjusted operating margin, and free cash flow, are non-GAAP financial measures and are intended to serve as a complement to results provided in accordance with accounting principles generally accepted in the United States. CIRCOR believes that such information provides an additional measurement and consistent historical comparison of the Company’s performance. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is available in this news release.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Reliance should not be placed on forward-looking statements because they involve both known and unknown risks, uncertainties and other factors, which are, in some cases, beyond the control of CIRCOR. Any statements in this press release that are not statements of historical fact are forward-looking statements, including, but not limited to, those relating to the Company’s commitment to improving operations through Lean, global sourcing and aggressive cost controls; efforts to improve the Energy group’s future margin performance; expectations regarding distributors working through inventory destocking in the first quarter; pricing for large international orders; expectations for industrial end markets in Flow Technologies to remain stable on balance through the first half of 2010; the commercial aerospace business to likely remain soft; the military aerospace market to continue to benefit from prior orders; the ability to deliver significant profitability improvement when sales volumes rebound to more normalized levels; the ability to generate strong cash flow and complement organic growth with acquisitions in 2010; and the Company’s revenue and EPS guidance, excluding special charges, for the first quarter of 2010. Actual events, performance or results could differ materially from the anticipated events, performance or results expressed or implied by such forward-looking statements. BEFORE MAKING ANY INVESTMENT DECISIONS REGARDING OUR COMPANY, WE STRONGLY ADVISE YOU TO READ THE SECTION ENTITLED “RISK FACTORS” IN OUR MOST RECENT ANNUAL REPORT ON FORM 10-K, WHICH CAN BE ACCESSED UNDER THE “INVESTORS” LINK OF OUR WEBSITE AT WWW.CIRCOR.COM. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

About CIRCOR International, Inc. CIRCOR International, Inc. designs, manufactures and markets valves and other highly engineered products and subsystems that control the flow of fluids safely and efficiently in the aerospace, energy and industrial markets. With more than 9,000 customers in over 100 countries, CIRCOR has a diversified product portfolio with recognized, market-leading brands. CIRCOR’s culture, built on the CIRCOR Business System, is defined by the Company’s commitment to attracting, developing and retaining the best talent and pursuing continuous improvement in all aspects of its business and operations. The Company’s strategy includes growing organically by investing in new, differentiated products; adding value to component products; and increasing the development of mission-critical subsystems and

solutions. CIRCOR also plans to leverage its strong balance sheet to acquire strategically complementary businesses. For more information, visit the Company’s investor relations web site at http://investors.circor.com.

Contact:

Frederic M. Burditt

Chief Financial Officer

CIRCOR International

(781) 270-1200

CIRCOR INTERNATIONAL, INC.

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