ESAB Welding & Cutting Products is now a business unit of Colfax Corp., a producer of pumps, valves, and various fluid-handling products, completing a takeover process that began over six months ago when ESAB’s parent company – Charter International – received an estimated $2.29-billion takeover offer from Melrose plc, a group of energy and heavy equipment manufacturing concerns. Colfax emerged with an improved offer for Charter, which consists of ESAB and Howden, a manufacturer of air- and-gas handling equipment for power, oil-and-gas, petrochemical, and other industries.

Colfax Corp., of Fulton, Md., closed the deal with a cash-and-stock offer for valued at about $2.3 billion. It said the acquisition improves its access to emerging markets and expands its portfolio with ESAB’s welding and cutting product line.

Gareth Rhys-Williams, Charter Intl. CEO, and Brendan Colgan, ESAB CEO, resigned from the organization. Colfax president and chief executive officer Clay Kiefaber will be the acting CEO for ESAB.

The new owner also placed its own executives in two critical posts: Kenneth D. Konopa was named vice president of marketing for ESAB; and Vincent Northfield was made vice president of global operations.

Konopa is the former president of Danaher Corp.’s Fluke Industrial and Ormco divisions and will oversee ESAB's strategy, product management, R&D, marketing communications, and automation business.

Northfield was recently the executive vice president of global operations for Telex Medical. He will be responsible for ESAB equipment and consumables manufacturing worldwide.

“We are very excited about this acquisition,” stated ESAB North America president and CEO Andrew Masterman. “Colfax Corporation is a leading manufacturing company with a proven operating system – the Colfax Business System – and is solidly focused on customer needs and the development of strong brands. This is a perfect fit for ESAB, as we are a world-class leader in the welding industry – a position we have attained by building strong partnerships with our customers and by creating a brand that is trusted worldwide.”

ESAB one of the world’s largest manufacturers in the $10-billion/year welding products industry, and has over 8,500 employees and 26 manufacturing sites in 80 countries.

“This acquisition will not impact our customers or distributors,” noted Mark Elender, senior vice president of sales and marketing for ESAB North America. “We will continue to provide our customers and distributors with the best products and support services, and we are confident that this transition will be seamless and beneficial to all.”