Colfax Corporation recently announced that it has entered into a binding agreement to acquire Victor Technologies Holdings Inc. from Irving Place Capital (IPC) for $947.3 million, including the assumption of debt.
Victor is a leading designer and manufacturer of a suite of metal cutting, gas control and specialty welding products. The acquisition would complement the geographic footprint of Colfax's ESAB business as well as expand ESAB's product portfolio into new segments and applications.
"I am delighted to announce this exciting combination," said Steve Simms, president and chief executive officer of Colfax. "ESAB is a great business with attractive fundamentals, a leading brand built over 110 years, and a strong management team. Victor provides an excellent strategic fit, extending our reach, as well as expanding and improving the breadth of our offering. In addition, it offers numerous opportunities for synergies. Together, we will deliver more value to more customers in more areas of the world. We look forward to welcoming Victor's approximately 2,000 associates to the Colfax family and to continue building on our strong foundation."
A diversified global manufacturing and engineering company, Colfax provides gas- and fluid-handling and fabrication technology products and services to commercial and governmental customers under the Howden, Colfax Fluid Handling and ESAB brands.
For more information, visit www.colfaxcorp.com.