Colfax Announces Acquisition of COT-PURITECH
FULTON, Md., Dec. 7, 2011 /PRNewswire/ -- Colfax Corporation (CFX), a global leader in fluid-handling solutions for critical applications, today announced the acquisition of COT-PURITECH, headquartered in Canton, Ohio, for a purchase price of $34 million with potential additional contingent payments, subject to the achievement of certain performance goals.
A national supplier of oil flushing and remediation services to refinery and petrochemical operators, power generation plants and other industrial manufacturing sites, COT-PURITECH expands Colfax's Total Lubrication Management services offering, particularly for the global oil & gas market. In 2010, COT-PURITECH realized approximately $20 million in revenues.
In making the announcement, Clay H. Kiefaber, President and Chief Executive Officer, stated, "We are excited to welcome COT-PURITECH to the Colfax family. This is an important acquisition for Colfax as the addition of COT-PURITECH's oil flushing capabilities and remediation services is extremely complementary to our existing lubrication services business. We intend to expand these services through our global oil & gas and power generation channels."
COT-PURITECH's 80 associates will be integrated into the Colfax Fluid-Handling business.
ABOUT COLFAX CORPORATION Colfax Corporation is a global leader in critical fluid-handling products and technologies. Through its global operating subsidiaries, Colfax manufactures positive displacement industrial pumps and valves used in oil & gas, power generation, commercial marine, defense and general industrial markets. Colfax's operating subsidiaries supply products under the well-known brands Allweiler, Baric, Fairmount Automation, Houttuin, Imo, LSC, Portland Valve, Tushaco, Warren and Zenith. Colfax is traded on the NYSE under the ticker "CFX." Additional information about Colfax is available at www.colfaxcorp.com.
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This press release may contain forward-looking statements, including forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning Colfax's plans, objectives, expectations and intentions and other statements that are not historical or current facts. Forward-looking statements are based on Colfax's current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Factors that could cause Colfax's results to differ materially from current expectations include, but are not limited to factors detailed in Colfax's reports filed with the U.S. Securities and Exchange Commission as well as its Annual Report on Form 10-K and Quarterly Report on Form 10-Q under the caption "Risk Factors". In addition, these statements are based on a number of assumptions that are subject to change. This press release speaks only as of this date. Colfax disclaims any duty to update the information herein.
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SOURCE Colfax Corporation