Colfax Acquires the Baric Group
Colfax Corporation announced that it has acquired Baric Group. Headquartered in Morpeth, U.K., Baric is a premier supplier of highly engineered fluid-handling systems primarily for lubrication applications in the oil & gas, petrochemical and power generation markets.
Annual pro forma sales for 2010 are projected to be about 14 million pounds Sterling and current backlog, which has been increasing, is about 28 million pounds Sterling. Colfax expects the transaction to be accretive over the next 12 months.
Clay H. Kiefaber, President and CEO of Colfax, said, "We re very excited to add Baric to our portfolio of leading global brands. Baric is an excellent fit and complements our highly engineered solutions business. Baric is known for manufacturing quality, high spec lube oil systems and has a large installed base in Europe, the Middle East and Asia. With the addition of Baric, we are able to offer customers a broader range of custom engineered lubrication systems worldwide. Expanding our global systems capability is a key part of our long-term growth strategy, and we look forward to the continued expansion of our systems business with the addition of Baric."
Source: Colfax Corporation