Colfax Corporation, a global leader in fluid-handling solutions for critical applications, has announced the acquisition of COT-PURITECH, headquartered in Canton, Ohio, for a purchase price of $34 million with potential additional contingent payments subject to the achievement of certain performance goals.
A national supplier of oil flushing and remediation services to refinery and petrochemical operators, power-generation plants and other industrial manufacturing sites, COT-PURITECH expands Colfax's Total Lubrication Management services offering, particularly for the global oil and gas market. In 2010, COT-PURITECH realized approximately $20 million in revenues.
"We are excited to welcome COT-PURITECH to the Colfax family," said Clay H. Kiefaber, Colfax president and CEO. "This is an important acquisition for Colfax, as the addition of COT-PURITECH's oil-flushing capabilities and remediation services is extremely complementary to our existing lubrication services business. We intend to expand these services through our global oil and gas and power-generation channels."
COT-PURITECH's 80 associates will be integrated into the Colfax Fluid-Handling business.
For more information, visit www.colfaxcorp.com.