Colfax Receives euro 5.7 Million Pump Order From Brightoil
RICHMOND, Va., March 29, 2010 /PRNewswire via COMTEX News Network/ -- Colfax Corporation (NYSE: CFX), a global leader in fluid-handling solutions for critical applications, announced it has received a euro 5.7 million pump order from Brightoil Shipping Group Co. Ltd., an international marine bunkering business (offshore marine fuel supplier) headquartered in Shenzhen, China.
Under the agreement, Colfax will supply 180 two-screw rotary positive displacement pumps that Brightoil will install in 40 new tankers through 2011. The pumps - manufactured by Colfax's Houttuin business in Utrecht, Netherlands - will be used for transferring fuel oil and gas oil, as well as stripping (removal of waste or contaminants, such as water).
"Colfax has a long history of cargo-pumping applications in the commercial marine segment, and we're pleased Brightoil selected us to help with its expansion in the Far East," said Clay Kiefaber, president and CEO of Colfax.
"We had originally considered other pump suppliers but ultimately decided on Colfax's rotary positive displacement pumps because of their low maintenance needs - an especially important consideration for vessels that need to operate away from port in potentially adverse weather conditions," said Sit Kwong Lam, CEO of Brightoil.
Colfax will ship the pumps in installments beginning later this year and continuing through 2011.
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.
ABOUT HOUTTUIN - Houttuin developed the original design that provides today's blueprint for rotary positive displacement two-screw pumps. Located in Utrecht, Netherlands, Houttuin specializes in low-pressure two-screw technology for shipbuilding and marine, tank farm and offshore refineries, power generation and a wide range of industrial 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.
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
Copyright (C) 2010 PR Newswire. All rights reserved