Colfax Group Acquires Netzsch
The German based NETZSCH Group announced, that it will join with the American COLFAX Corporation. COLFAX Corporation signed an agreement to acquire all shares of NETZSCH. The transaction is expected to be completed in May 2003, subject to regulatory approvals.
Netzsch Group, headquartered in Selb, Germany, had revenues of approximately 210 million in fiscal year 2002 with 2,100 employees and 17 facilities in Europe, North America, South America and Asia. Netzsch is a leading producer of pumps, grinding and dispersing equipment, filtration systems, as well as analyzing and test equipment for a broad variety of growth markets and customers. During the negotiations, the NETZSCH Group was advised by Rothschild.
COLFAX Corporation is a privately held company based in Richmond, Virginia. It is one of the leading providers of fluid handling and power transmission products in the world. The COLFAX Pump Group is a worldwide association of leading pump manufacturers, consisting of the German based ALLWEILER Group, IMO PUMP in the USA and Sweden, HOUTTUIN in the Netherlands and WARREN based in the USA.
Bank of America was acting as advisor to COLFAX Corporation with respect to this transaction.
Thomas Netzsch, Executive Shareholder of the NETZSCH Group, stated: We see in COLFAX the ideal partner, in order to further strengthen the global presence and growth of the Group. The corporate culture of the two Groups with regard to its strategic planning and goals is very similar.
COLFAX President and CEO, John A.Young, commented: The NETZSCH Group is extremely complementary to both our existing product offerings and our customer base. NETZSCH also provides COLFAX with broader international scope, expanding our capabilities in Asia and South America and also our core European and North American markets. We look forward to working with the Netzsch associates to the benefit of all our customers.
The fusion of COLFAX and NETZSCH will considerably enlarge the resources and prospects for both companies, in order to successfully realize their demanding and ambitious plans in a global free-market economy to the benefit of the shareholders and employees.
Source: Colfax Corporation