View source for Company:Colfax Corporation

{{Short description|American corporation manufacturing welding, air equipment, and medical devices}}
{{Infobox company
| name = Colfax Corporation
| logo = 
| type = [[Finance:Public company|Public]]
| traded_as = {{NYSE|CFX}}<br>S&P 400 Component<br>Russell 1000 Component
| slogan = 
| genre = 
| foundation = 
| founder = Mitchell and Steven Rales
| Head Office = 
| location_city = Annapolis Junction, Maryland
| location_country = United States
| location = <!--modifies "Headquarters" entry-->
| locations = <!--# of locations-->
| origins = 
| key_people = Matthew Trerotola ([[Social:Chief executive officer|CEO]])
| area_served = 
| industry = Machinery
| products = 
| services = 
| revenue = 
| operating_income = 
| net_income = 
| num_employees = 15,000<ref>{{Cite web|url=http://fortune.com/fortune500/colfax/|title=Colfax|website=Fortune|access-date=2019-02-03}}</ref>
| num_employees_year = 2019
| parent = 
| divisions = 
| subsid = 
| owner = 
| caption = 
| homepage = {{URL|http://www.colfaxcorp.com}}
| dissolved = 
| footnotes = 
| intl = 
}}

'''Colfax Corporation''' is an American corporation manufacturing welding, air and gas handling equipment, and medical devices headquartered in Annapolis Junction, Maryland. Indexed on the NYSE, the company was originally founded as a spinoff from the American conglomerate [[Company:Danaher Corporation|Danaher Corporation]].<ref>{{cite web|url=http://www.colfaxcorp.com/our-businesses/|title=Our Businesses - Colfax|website=www.colfaxcorp.com}}</ref><ref>{{cite web|url=https://www.telegraph.co.uk/finance/newsbysector/industry/engineering/8742092/Colfax-and-the-Rales-brothers.html|title=Colfax and the Rales brothers}}</ref> In 2011, Colfax acquired British Charter International PLC, which in turn owned Swedish [[Company:ESAB|ESAB]] (8,500 employees worldwide, 2012). Both companies have since been wholly owned by Colfax.<ref>[https://www.wsj.com/articles/SB10001424053111904265504576566352611237700 Wall Street Journal, September 13, 2011, Colfax Bids $2 Billion for Charter]</ref> Further Colfax also acquired Allweiler (2,100 employees worldwide, 2011).<ref name="allweiler-russia">{{cite web| url=http://dmliefer.ru/ru/content/allweiler-nasosy| title=Allweiler in Russia| accessdate=2013-08-29}}</ref><ref>{{cite web|url=http://www.kubri.eu/index.php?option=com_content&view=article&id=58&Itemid=13&lang=de|title=kubri.eu, Allweiler profile}}{{dead link|date=August 2017 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> The company made its largest acquisition ever in November 2018, buying medical device company DJO Global for $3.15 billion.<ref name=":0">{{Cite news|url=https://www.reuters.com/article/us-djo-global-m-a-colfax/colfax-churns-its-business-with-3-15-billion-purchase-of-medical-device-maker-idUSKCN1NO1CI|title=Colfax churns its business with $3.15 billion purchase of medical...|last=Banerjee|first=Arunima|date=2018-11-19|work=Reuters|access-date=2018-11-21|last2=Sharma|first2=Vibhuti|language=en-US}}</ref>

== History ==
Colfax was founded in 1995 by Steven and Mitchell Rales.<ref>{{Cite web|url=https://www.washingtonpost.com/lifestyle/magazine/meet-the-very-wealthy-very-private-couple-behind-washingtons-most-original-museum/2018/09/21/b843425a-9f29-11e8-83d2-70203b8d7b44_story.html|title=Meet the very wealthy, very private couple behind Washington's most original museum|last=Edgers|first=Geoff|date=2018-09-24|website=Washington Post|language=en|access-date=2018-10-24}}</ref>

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), Portland Valve, 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.<ref>{{cite web|url=https://www.washingtonpost.com/wp-dyn/content/article/2008/07/06/AR2008070601875.html|title=The Quiet Dynamism of the Brothers Rales|first=Thomas|last=Heath|date=7 July 2008|via=washingtonpost.com}}</ref><ref>{{Cite news|url=https://dealbook.nytimes.com/2008/05/08/colfax-prices-ipo-at-18-a-share/|title=Colfax Prices I.P.O. at $18 a Share|date=2008-05-08|work=The New York Times|access-date=2018-10-24|language=en}}</ref>

In January 2012, it completed the acquisition of Charter International, the parent company of [[Company:ESAB|ESAB]] and Howden,<ref>{{cite web|url=http://www.esabna.com/us/en/news/ESAB-Acquired-by-Colfax-Corporation.cfm|title=News|website=www.esabna.com}}</ref> for $2.4 Billion.<ref>{{cite web|url=http://weldingdesign.com/news/Colfax-to-buy-Charter/|title=ESAB Parent to be Bought for $2.4 Billion|website=weldingdesign.com}}{{Dead link|date=July 2021 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>

The revenue of the company for 2012 was $3 billion.<ref>{{cite web|url=http://www.nasdaq.com/symbol/cfx/revenue-eps|title=Revenue, EPS, &amp; Dividend - Colfax Corporation (CFX) - NASDAQ.com|website=NASDAQ.com}}</ref>

In November 2012 it closed one of the ESAB manufactures in Ihtiman, Bulgaria and fired all of the employees.<ref>{{Cite web |url=http://ihtiman.net/?p=3756 |title=(bulgarian) A 50 years old manufactory has just managed to turn 50 .. |access-date=2021-03-12 |archive-date=2014-04-10 |archive-url=https://web.archive.org/web/20140410121432/http://ihtiman.net/?p=3756 |url-status=dead }}</ref> 

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.<ref>{{cite news |last1=Seltzer |first1=Rick |title=Colfax rolls out $9M more in stock to new CEO amid sales slump |url=http://www.bizjournals.com/baltimore/news/2016/01/06/colfax-rolls-out-9m-more-in-stock-to-new-ceo-amid.html?ana=yahoo |accessdate=September 7, 2020 |work=Baltimore Business Journal |date=January 6, 2016}}</ref>

In December 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.

In August 2018, Reuters reported that "Colfax Corp (CFX.N) has an 8 percent sales exposure to {{wipe|Russia}}, according to the Goldman Sachs note."<ref>{{cite news |title=Factbox: U.S. companies with exposure to Russia |url=https://www.reuters.com/article/us-usa-russia-sanctions-companies-factbo/factbox-u-s-companies-with-exposure-to-russia-idUSKBN1KU2L8 |agency=Reuters |date=August 9, 2018}}</ref>

In November 2018, Colfax expanded into the medical device space by acquiring DJO Global from [[Company:The Blackstone Group|The Blackstone Group]] for $3.15 billion.<ref name=":0" />

KPS Capital Partners (“KPS”) announced on May 16, 2019 that it has signed a definitive agreement to acquire Howden, from Colfax Corporation for $1.80 billion, including $1.66 billion in cash consideration and $0.14 billion in assumed liabilities and minority interest, subject to customary closing adjustments.<ref>{{Cite web|title=KPS Press Releases|url=https://www.kpsfund.com/news/press-releases/2019/05/16/kps-capital-partners-to-acquire-howden-from-colfax-corporation|access-date=2020-06-27|website=KPS Capital Partners|language=en}}</ref>

== Links ==
* [http://corporate.colfaxcorp.com/overview/history/ Official Colfax site] {{Webarchive|url=https://web.archive.org/web/20120203230021/http://corporate.colfaxcorp.com/overview/history/ |date=2012-02-03 }}

== References ==
{{Reflist}}


[[Category:Companies listed on the New York Stock Exchange]]

{{Sourceattribution|Colfax Corporation|1}}