Colfax Acquires the Baric Group
RICHMOND, Va., Aug 20, 2010 /PRNewswire via COMTEX News Network/ -- 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.
CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS:
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 the statement that the Baric acquisition is expected to be accretive to earnings over the next twelve months, statements concerning projections of Baric's pro forma annual sales and 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 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.
The term "Colfax" in reference to the activities described in this press release may mean one or more of Colfax's global operating subsidiaries and/or their internal business divisions and does not necessarily indicate activities engaged in by Colfax Corporation.
SOURCE Colfax Corporation
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