Shares of Maryland-based,
) spiralled up to a new 52-week high of $57.66 a day after the
manufacturing and engineering company announced it had signed an
agreement to acquire CKD Kompresory a.s. from CKD Group.
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CKD Kompresory, based in Prague, Czech Republic, is a leading
supplier of multi-stage centrifugal compressors to the oil &
gas, petrochemical, power and steel industries. The assets have
been valued at $57 million, including assumption of debts. Colfax
anticipates completion of the transaction in the fourth quarter
The assets once acquired will be integrated with Colfax's Howden
business and renamed as Howden CKD Compressors s.r.o. Addition of
CKD Kompresory will enable further strengthening of Howden's
compressor business and open new gates for Colfax to penetrate
deep into this end market as well as explore new growth
opportunities. CKD Kompresory in 2012 generated roughly $40
million in revenue.
Colfax's Howden was founded in 1854 and currently provides
precision air and gas handling equipment for challenging
applications. Its products are supplied to various industries
including power generation, oil and gas, petrochemical, mining
Prior to this acquisition announcement, Colfax in Sep 2013 signed
an agreement to acquire the Global Infrastructure and Industry
(GII) business of Flakt Woods Group for €193 million, assuming
debt. The completion is subject to closing conditions.
Acquisition of GII will strengthen the company's Howden business
through its broad product portfolio and large customer base.
Colfax currently has a market capitalization of $5.9 billion and
holds a Zacks Rank #3 (Hold). Other companies to look out for are
DXP Enterprises, Inc.
), each carrying a Zacks Rank #2 (Buy).