Colfax Acquires the Baric Group |
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Colfax Corp.
9211 Forest Hill Ave., Suite 109
Richmond, VA, 23235
USA
Press release date: August 20, 2010
Strategic Acquisition Expands Lubrication Systems Business
RICHMOND, Va., Aug. 20 - Colfax Corporation (NYSE: CFX), a global leader in fluid-handling solutions for critical applications, today announced that it has acquired Baric Group. Headquartered in Morpeth, U.K., Baric is a premier supplier of highly engineered fluid-handling systems primarily for lubrication applications in the oil & gas, petrochemical and power generation markets. Annual pro forma sales for 2010 are projected to be about 14 million pounds Sterling and current backlog, which has been increasing, is about 28 million pounds Sterling. Colfax expects the transaction to be accretive over the next 12 months.
Clay H. Kiefaber, President and CEO of Colfax, said, "We're very excited to add Baric to our portfolio of leading global brands. Baric is an excellent fit and complements our highly engineered solutions business. Baric is known for manufacturing quality, high spec lube oil systems and has a large installed base in Europe, the Middle East and Asia. With the addition of Baric, we are able to offer customers a broader range of custom engineered lubrication systems worldwide. Expanding our global systems capability is a key part of our long-term growth strategy, and we look forward to the continued expansion of our systems business with the addition of Baric."
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, 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.
Source: Colfax Corporation
CONTACT: Mitzi Reynolds, Vice President, Investor Relations, Colfax Corporation, +1-804-327-5689
Web Site: http://www.colfaxcorp.com/
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