Colfax Supplies Initial Shipment of Valves for U.S. Navy Block lll Virginia-Class Submarines
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 shipped the first set of valves worth $3.7 million from its Portland Valve business located in Portland, Maine. This shipment is the first of $36 million in orders for products for U.S. Navy Block III Virginia-class submarines being built by General Dynamics Electric Boat shipyard in Groton, Conn. Block III includes the North Dakota (SSN-784), John Warner (SSN-785) and six additional submarines. Colfax will supply highly engineered valves, centrifugal pumps and screw pumps with a total expected value of approximately $52 million through 2013.
"Because of our extensive engineering expertise, Colfax is uniquely positioned to provide these pump and valve systems for use aboard mission-critical U.S. Navy submarines," said Clay Kiefaber, president and CEO of Colfax. "We've done extensive testing at our state-of-the-art Defense Centre of Excellence, to ensure our systems will work reliably in the demanding environment aboard these Virginia-class submarines."
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.
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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