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As The Colfax Chapter Ends, Both ESAB And Enovis Have Something To Prove

Apr. 05, 2022 12:39 AM ETEnovis Corporation (ENOV)ENOV-OLD, ESAB18 Comments
Stephen Simpson profile picture
Stephen Simpson


  • Colfax is splitting the company, spinning off the welding business (ESAB) to shareholders as a stock dividend, while retaining the medical device operations and renaming itself Enovis.
  • ESAB has made more progress in recent years than it often gets credit for, including regaining share from Lincoln Electric and Illinois Tool Works, but short-cycle industrial may be cooling.
  • Enovis is an odd mix of well-established low-growth businesses (bracing, et al) and higher-growth major joint and extremities; management's growth targets may be too demanding at high single-digits.
  • Both ESAB and Enovis are worth watching as they trade post-split, with ESAB facing more near-term sentiment risk and Enovis facing a higher bar for performance.
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By the time this is published, Colfax (CFX) will no longer exist as it did before, with the company changing its name to Enovis (NYSE:ENOV) and keeping the medical business, while spinning out 90% of the welding

This article was written by

Stephen Simpson profile picture
Stephen Simpson is a freelance financial writer and investor. Spent close to 15 years on the Street (sell-side, buy-side, equities, bonds); now a semi-retired raccoon rancher. That last part isn't entirely true. Probably.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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