Colfax Announces Acquisition of Soldex SA
FULTON, Md., May 29, 2012 /PRNewswire/ -- Colfax Corporation (CFX), a diversified global manufacturing and engineering company, today announced the acquisition of the 91% interest in Soldex S.A. held by Inversiones Breca S.A. and its affiliates. The transaction values Soldex S.A. at $235 million, including the assumption of debt.
With plants in Lima Peru and Bogota Colombia, Soldex is the pre-eminent supplier of welding products to customers along South America's fast-growing Pacific coast. The acquisition positions Colfax's ESAB division as the clear leader in South America, with a pre-eminent position in every country market, and further increases its exposure to the energy and natural resources sectors.
In making the announcement, Steve Simms, Colfax President and Chief Executive Officer, stated, "We are excited to add Soldex to our large and growing South American welding products business. This acquisition reflects our continued commitment to expanding Colfax's already-strong position in emerging markets, and in sectors with good long-term growth potential."
Clay H. Kiefaber, ESAB President and Chief Executive Officer, added "We are also delighted to strengthen the ESAB team with Soldex's talented leadership, and look forward to working with them to leverage their successful approaches throughout our company."
ABOUT ESAB ESAB is one of the world's largest manufacturers of welding filler metals, welding and cutting equipment, and associated automation. Founded in 1904, ESAB produces consumables and equipment for virtually every welding and cutting process and application, and is recognized as the technological leader in the industry. With manufacturing facilities on five continents and over 8,000 associates, ESAB delivers products and support services quickly and efficiently to customers around the globe.
ABOUT COLFAX CORPORATION -- Colfax Corporation is a diversified global manufacturing and engineering company that provides gas- and fluid-handling and fabrication technology products and services to commercial and governmental customers around the world under the Howden, Colfax Fluid Handling and ESAB brands. Colfax believes its brands are among the most highly recognized in each of the markets that it serves. 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 fact. 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 including its 2011 Annual Report on Form 10-K 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