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Colfax Announces Acquisition of ČKD Kompresory

Colfax Announces Acquisition of ČKD Kompresory

1.10.2013 19:20
Autor: PCF, Patria Corporate Finance

Colfax Corporation ("Colfax") (NYSE: CFX), a leading global manufacturer of gas- and fluid-handling and fabrication technology products, today announced that it has entered into a binding agreement to acquire ČKD Kompresory a.s., based in Prague, Czech Republic, from ČKD Group. The transaction values ČKD Kompresory at approximately $57 million, including the assumption of debt, and is expected to close in the fourth quarter following the fulfillment of certain conditions. Upon closing, the business will join the Howden operations and be renamed Howden ČKD Compressors s.r.o.
ČKD Kompresory is a leading supplier of multi-stage centrifugal compressors to the oil & gas, petrochemical, power and steel industries. This acquisition will build on Howden’s strength in reciprocating, screw and turbo compressors, broadening and enhancing the product portfolio and further expanding the business’ geographic footprint in Russia and Eastern Europe. In 2012, ČKD Kompresory had approximate revenues of $40 million and EBITDA of $6.5 million.

In making the announcement, Steve Simms, President and Chief Executive Officer of Colfax, stated, “With a history extending back nearly 150 years, ČKD Kompresory is a wonderful brand with a great team and geographic footprint. This transaction will strengthen Howden’s compressor business, and expand Colfax’s exposure to end markets with exciting growth potential.
Mr. Simms continued, “We are pleased to announce another investment in the Howden business. A disciplined acquisition process, coupled with financial flexibility, is allowing us to continue executing on our stated bolt-on acquisition strategy.”

Soňa Vladařová, Vice-President and Chief Financial Officer of ČKD Group, stated, “We are very pleased to have reached this agreement with as strong and reputable a partner as Colfax. We believe Howden’s technical expertise, market knowledge, resources and competencies will enable ČKD Kompresory to accomplish even more than it has thus far. We also believe there is significant potential for further business cooperation between Colfax and ČKD Group. This divestiture fits ČKD Group’s long-term strategy to focus on its EPC business in the power sector, oil & gas and infrastructure.”
ABOUT COLFAX CORPORATION — Colfax Corporation is a diversified global manufacturing and engineering company that provides gas- and fluid-handling and fabrication technology products and services to commercial and governmental customers around the world under the Howden, Colfax Fluid Handling and ESAB brands. Colfax believes that its brands are among the most highly recognized in each
of the markets that it serves. Colfax is traded on the NYSE (42,45 USD, 1,12%) under the ticker "CFX." Additional information about Colfax is available at www.colfaxcorp.com.

ABOUT ČKD GROUP — ČKD Group is a group of engineering and manufacturing companies, active in the segments of power generation, gas and oil, ecology and infrastructure. The main focus is on EPC deliveries of full investment projects, technological nodes, individual supplies and provision of components for renewable energy, infrastructure, conventional power generation, transportation, oil and gas processing and electrical engineering.

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