Fulton, Maryland-based Colfax Corporation (NYSE: CFX), has announced that it has purchased a national supplier of oil flushing and remediation services for $34 million.
COT-PURITECHwith current headquarters in Canton, Ohio reported $20 million in annual revenues last year by supplying its products to refinery and petrochemical operators, power generation plants and other industrial manufacturing sites according to the release.
"We are excited to welcome COT-PURITECH to the Colfax family. This 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." proclaimed Clay H. Kiefaber, President and Chief Executive Officer of Colfax.
COT-PURITECH has 80 associates that will become part of the Colfax Fluid-Handling business.
Howard County, Colfax has made growth a priority and has pursed strategic growth through acquisitions in the past 6 months. It is currently in the process of acquiring U.K.-based Charter International plc, for approximately $2.4 billion, that purchase could be completed as soon as early 2012.