Colfax Corporation Announces Acquisition of UK Based Baric Group

From: investinuk
Published: Mon Aug 23 2010

Colfax Corp is one of the foremost firms globally in the provision of fluid handling solutions for crucial industrial applications. On its part, UK headquartered Baric Group is a premier supplier of highly engineered fluid handling systems mainly meant for lubrication applications in the oil and gas, petrochemical and power generation markets.

The Morpeth based Baric expects its yearly pro forma sales for 2010 to peg at about £14 million and existing backlog is placed at about £28 million. Baricís current backlog witnessed gradual increases and according to Colfax, the transaction will be accretive in the coming twelve months, the firm said in a statement. Colfax Corporation president and chief executive officer, Clay H. Kiefaber, said the firm was delighted to have made the investment citing Baric Groupís expertise that it brings to the table as crucial in expanding Colfaxís portfolio of leading global brands. Further to that, Kiefaber said Baric Group is an admirable fit and will add to Colfaxís highly engineered solutions business.

On its part, the UK firm has exemplary status as one of the foremost manufacturers of quality, high spec lube oil systems with a mega bases in Europe, the Middle East and Asia. With the acquisition of the Baric Group, Colfax Corporation hopes it will be able to provide its clients a wider variety of custom engineered lubrication systems globally.

Further to that, Colfax reiterated that expanding its worldwide operations in systems capability is crucial for its long term growth strategy and the firm is keen on sustaining the continued expansion of its systems business with the fresh acquisition of the UK firm, said Colfax Corp. This acquisition now expands Colfax Corpís foothold in the oil and gas market. However, the terms of the agreement were not disclosed but Colfax concluded the deal Thursday last week. Privately held Baric employs about 100 people in the U.K. and sells its products in Europe, Asia and the Middle East. Colfax makes fluid-handling products such as industrial pumps and valves used in oil & gas, power generation, commercial marine, defence 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 shares rose 5 cents, or 0.4 percent, to close at $12.65.

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