Colfax Corporation

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Colfax Corporation
Public
Traded asNYSECFX
Russell 1000 Component
IndustryMachinery
HeadquartersAnnapolis Junction, Maryland, United States
Number of employees
18,351
Websitewww.colfaxcorp.com

Colfax Corporation is an American Corporation manufacturing welding, air and gas handling equipment[1], headquartered in Annapolis Junction, Maryland, indexed on the NYSE. Originally it was founded as a spinoff out of American conglomerate the Danaher Corporation.[2] Colfax Corp. acquired British Charter International PLC[3] which in turn owned Swedish ESAB (8 500 employees worldwide, 2012) in 2011. Both companies have since been wholly owned by Colfax. Further Colfax also acquired Allweiler[4] (2 100 employees worldwide, 2011[5])

History[edit]

Colfax was founded in 1995 by Steven and Mitchell Rales.[6]

Formed in July 1997 to acquire IMO. The key players are Phil Knisely, President and CEO, John Young, CFO, Mike Dwyer, VP of Colfax Business System, Scott Faison VP Controller and Treasurer. In August 1997, Colfax Corporation acquired approximately 93% of IMO's common stock through a public tender offer. At the time of the acquisition, IMO was a diversified industrial manufacturer, with $469.0 million in annual revenue and five business units: Boston Gear, IMO Pump, Morse Controls, Gems Sensors, and Roltra Morse. Simultaneously with the closing of the tender offer, IMO sold its Gems Sensors unit to Danaher. In February 1998, IMO sold Roltra Morse to Magna International. These divestitures were made to narrow the strategic focus to two groups.

Consisting of two groups, power transmission and fluid handling, during its early years Colfax focused on strong brands that had leading positions in their markets. In July 1998 the German-based Allweiler was purchased to enhance the position in the Fluid Handling segment. In February 2005 the Power Transmission group was sold to Genstar Capital. At that time the President and CEO, John Young, promoted Scott Faison to SVP Finance & CFO and consolidated the Fluid Handling Group leadership with the corporate team in Richmond Virginia.

Acquisitions were then made of Zenith Pumps (from Parker Hannifin), Lubrication Systems Company (Jan 2007) and Fairmount Automation (Nov 2007) to the Fluid Handling platform.

Colfax went public with an initial public offering in May 2008, after first quarter net profit of that year was $8.8 million.[7][8]

In January 2012, it completed the acquisition of Charter International, the parent company of ESAB and Howden,[9] for $2.4 Billion.[10]

The revenue of the company for 2012 was $3 billion.[11]

In July 2015, Matthew Trerotola was appointed CEO. In the 7 months following, the stock price fell by 40%, and Trerotola was awarded a $9 million bonus.[12]

In December of 2017 Colfax sold its fluid handling platform to Circor for cash and stock. This reduced the size of the company by about $0.5 billion. It also changed the name of the Gas and Fluid Handling division to the Air and Gas Handling division consisting of Howden. The Fab Tech group remained unchanged consisting of ESAB and Victor.

Links[edit]

References[edit]

  1. ^ "Our Businesses - Colfax". www.colfaxcorp.com.
  2. ^ "Colfax and the Rales brothers".
  3. ^ Wall Street Journal, September 13, 2011, Colfax Bids $2 Billion for Charter
  4. ^ "Allweiler in Russia". Retrieved 2013-08-29.
  5. ^ "kubri.eu, Allweiler profile".[permanent dead link]
  6. ^ Edgers, Geoff (2018-09-24). "Meet the very wealthy, very private couple behind Washington's most original museum". Washington Post. Retrieved 2018-10-24.
  7. ^ Heath, Thomas (7 July 2008). "The Quiet Dynamism of the Brothers Rales" – via washingtonpost.com.
  8. ^ "Colfax Prices I.P.O. at $18 a Share". The New York Times. 2008-05-08. Retrieved 2018-10-24.
  9. ^ "News". www.esabna.com.
  10. ^ "ESAB Parent to be Bought for $2.4 Billion". weldingdesign.com.
  11. ^ "Revenue, EPS, & Dividend - Colfax Corporation (CFX) - NASDAQ.com". NASDAQ.com.
  12. ^ http://www.bizjournals.com/baltimore/news/2016/01/06/colfax-rolls-out-9m-more-in-stock-to-new-ceo-amid.html?ana=yahoo. Missing or empty |title= (help)