Circor acquired Colfax Fluid Handling for US$855mn

Valve manufacturer Circor International Inc has signed a definitive agreement to acquire Colfax Fluid Handling (CFH) from Colfax Corp in a US$855 million cash and stock deal.

Circor will pay US$542 million in cash, issue approximately 3.3 million new Circor shares to Colfax valued at around US$163 million, and assume global pension plan liabilities of US$150 million on a pre-tax basis.
When the deal closes, Colfax will own approximately 16% of Circor.
Colfax Fluid Handling is a world leader in screw pumps for markets including general industry, commercial marine, defence and oil & gas. The product range includes centrifugal, two-screw, three-screw, progressing cavity, propeller and gear pumps. Pump brands include Allweiler, Houttuin, IMO, Tushaco, Warren and Zenith. The Fluid Handling business had sales of approximately US$463 million and adjusted EBITDA of US$64 million in the year ended 30 June 2017.

The sale is expected to close in the fourth quarter of 2017.