Colfax Buys ESAB

(Press Release)
Friday, January 13, 2012
Effective Friday, January 13, 2012, Charter International plc, owner of ESAB Welding & Cutting Products, has been acquired by Colfax Corporation. Colfax Corporation, based in Fulton MD, is a diversified industrial manufacturing company listed on the New York Stock Exchange.  Charter International plc resided in Ireland and was the parent of two leading businesses:  ESAB, a global leader in the welding products industry, and Howden, a premier manufacturer of heavy-duty air and gas handling equipment.  
"We are very excited about this acquisition," said Andrew Masterman, President & CEO of ESAB North America.  "Colfax Corporation is a leading manufacturing company with a proven operating system - the Colfax Business System - and is solidly focused on customer needs and the development of strong brands.  This is a perfect fit for ESAB, as we are a world-class leader in the welding industry - a position we have attained by building strong partnerships with our customers and by creating a brand that is trusted worldwide."
ESAB employs more than 8,500 people worldwide, and is one of the top manufacturers in the welding industry, which is worth approximately $10 billion per year.  ESAB has sales and support locations in 80 countries, and 26 manufacturing facilities across 4 continents.  ESAB's North American headquarters is located in Florence, South Carolina.
"This acquisition will not impact our customers or distributors," said Mark Elender, Senior Vice President of Sales and Marketing for ESAB North America.  "We will continue to provide our customers and distributors with the best products and support services, and we are confident that this transition will be seamless and beneficial to all."
Colfax Corporation owns 10 brands in the pumping and fluid-handling market, and is traded on the NYSE under the ticker symbol "CFX."
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