ESAB Announces Colfax's Acquisition of Victor Technologies
Florence, SC – ESAB, a member of the Colfax group of companies, today announced that Colfax has entered into a binding agreement to acquire Victor Technologies Holdings, Inc. (“Victor”).
The acquisition brings together two leading organizations with world-class products, technologies and R&D. In its 110th year, ESAB is one of the largest and most experienced manufacturers of welding and cutting products with sales and support established in 80 countries and manufacturing plants across five continents. Victor has a century-long history of innovation and is recognized for its leading brands, including Victor®, Tweco®, Cigweld® and Stoody®, which are manufactured, sold and serviced around the globe.
The combination of ESAB and Victor creates a comprehensive product portfolio that brings a broader array of solutions to the global welding and cutting industry. Two of the leading suppliers in the industry, both with large, well-diversified geographic footprints, ESAB and Victor will together deliver more value to more customers in more areas of the world.
"Together, we'll use our combined geographic reach, product technologies, channel resources, and most importantly, organizational talent, to provide innovative welding and cutting solutions for our customers,” said Clay Kiefaber, President & CEO ESAB.
ESAB places strong emphasis on constant innovation and improvement guided by the voice of the customer. The Colfax Business System (CBS) will drive ESAB and Victor’s joint efforts to develop new products, provide added value to existing products, and deliver differentiated customer solutions.
ABOUT COLFAX CORPORATION
Colfax Corporation is a diversified global manufacturing and engineering company that provides gas- and fluid-handling and fabrication technology products and services to commercial and governmental customers around the world under the Howden, Colfax Fluid Handling and ESAB brands. Colfax believes its brands are among the most highly recognized in each of the markets that it serves. Colfax is traded on the NYSE under the ticker "CFX." Additional information about Colfax is available at www.colfaxcorp.com.
ESAB is one of the world's largest manufacturers of welding consumables, welding and cutting equipment, and associated automation. Founded in 1904, ESAB offers products for virtually every welding and cutting process and application, and is widely recognized as the technological leader in the industry. With manufacturing facilities on five continents and more than 8,000 associates, ESAB delivers products and support services quickly and efficiently to customers around the globe.
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, including as to the completion of the Victor acquisition and its expected results, and other statements that are not historical or current fact. 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 including its 2013 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.
Published Date : 2/13/2014