Colfax Supplies $25 Million in SMART Technology Systems for New U.S. Navy Destroyers
RICHMOND, Va., April 12, 2010 /PRNewswire via COMTEX News Network/ -- Colfax Corporation (NYSE: CFX), a global leader in fluid-handling solutions for critical applications, announced it will supply $8 million in SMART technology valve systems and $17 million in magazine fire-suppression systems and SMART pump controllers, including engineering design services and hardware, for the first two DDG-1000 Zumwalt-class destroyers being built at the Bath Iron Works shipyard in Bath, Maine, for the U.S. Navy. The shipyard is a subsidiary of General Dynamics Corporation (NYSE: GD).
Colfax has already begun shipping components manufactured by its Portland Valve business in South Portland, Maine, and its Fairmount Automation business in Newtown Square, Penn. Shipments for the two destroyers will continue through 2010.
"SMART fluid-handling technologies are an increasingly important part of our business in a variety of applications, and we're proud our systems were selected to help protect Zumwalt-class destroyers, the Navy's newest class of surface combatants," said Clay Kiefaber, president and CEO of Colfax.
The company won the contract through a competitive bid, using its Colfax Business System(R) customer-focused process, which synthesizes strategic-planning and lean-manufacturing principles.
Colfax businesses have more than 100 years of fluid-handling application expertise in the defense industry.
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 COLFAX DEFENSE SOLUTIONS - Colfax Defense Solutions serves militaries around the world with fluid-handling solutions that deliver precision performance for demanding conditions. Colfax Defense Centres of Excellence - located in Mumbai, India; Tours, France; and Warren, Massachusetts, USA - have specialized staff, engineering support, advanced software, fabrication facilities and testing equipment tailored to meet the specific needs of the defense industry.
ABOUT PORTLAND VALVE - Portland Valve delivers unique skills in the close-tolerance precision machining, welding and fabrication of valves, actuators, components and subassemblies. Located in South Portland, Maine, Portland Valve is a prime contractor for the U.S. Navy and a major subcontractor for all naval and private shipyards, as well as a manufacturer for Army weapons systems and select commercial applications.
ABOUT FAIRMOUNT AUTOMATION - Fairmount Automation develops innovative control solutions for mission- and safety-critical processes and machinery in the harsh environments of the worldwide military, transportation and industrial automation markets. Founded in 1996, and known for technologically superior products that minimize cost of ownership, Fairmount created the rugged multiloop process controller that serves today on more than 25 percent of the U.S. Navy's surface ships.
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
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