Colfax Expands Monroe, N.C., Factory and Builds Pump Systems Test Laboratory
$3 million facility expansion enhances manufacturing capabilities and provides factory-acceptance testing
RICHMOND, VA - Nov. 1, 2010 - Colfax Corporation (NYSE: CFX), a global leader in fluid-handling solutions for critical applications, has added a 17,000-square-foot expansion to its factory in Monroe, N.C. The $3 million space opened in October 2010 and includes a 6,000-square-foot laboratory for high-tech pump testing.
"This expansion is a significant step toward allowing us to provide larger pumps and systems to our customers," said Clay H. Kiefaber, president and CEO of Colfax. "Additionally, we're committed to providing reliable products, and the new testing capabilities enable us to replicate challenging conditions pumps must endure in the field."
Colfax will design and manufacture a variety of fluid-handling systems at the expansion, including ones based on the large three-screw Imo® 8L-912Y crude oil pump the company introduced in late 2009. The pump can be installed on pipelines up to 24 inches in diameter and can cost-effectively transport more than 85,000 barrels of oil per day at pressures up to 2,000 pounds per square inch.
"The expansion offers several improvements that will help us produce a wider range of products," said Ellen G. Donlin, general manager of Colfax Engineered Systems, which collaborates with customers around the world and other Colfax divisions to design and deliver custom skids and packaged systems that solve unique and often complex business challenges. "For example, we'll have 30 feet of clearance under the two 30-ton cranes used for positioning equipment during manufacturing, which is twice as much space as the current facility offers. That gives us greater flexibility for building larger products with more features."
Colfax technicians will use the laboratory portion of the expansion to conduct comprehensive testing of pumps, motors and auxiliary systems. Its equipment will be fully instrumented and interfaced for high-speed data collection and analysis.
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.
ABOUT COLFAX ENGINEERED SYSTEMS - Colfax Engineered Systems designs, manufactures, tests and installs custom and packaged systems with a unique project engineering model that helps customers around the world solve complex business problems in general industrial, oil & gas and power generation applications.
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, 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.
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