Colfax Announces Acquisition of COT-PURITECH
National oil flushing and remediation service provider strengthens and expands Company s capabilities in lubrication services markets.
Colfax Corporation 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 & gas market. In 2010, COT-PURITECH realized approximately $20 million in revenues.
In making the announcement, Clay H. Kiefaber, President and Chief Executive Officer, stated, "We are excited to welcome COT-PURITECH to the Colfax family. Thiss 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 & gas and power generation channels."
COT-PURITECH s 80 associates will be integrated into the Colfax Fluid-Handling business.
Source: Colfax Corporation
