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Report Date : |
25.02.2014 |
IDENTIFICATION DETAILS
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Name : |
COLFAX CORPORATION |
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Registered Office : |
8170 Maple Lawn Blvd, Ste 180, Fulton, MD 20759 |
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Country : |
United States |
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Date of Incorporation : |
25.02.1998 |
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Legal Form : |
Public Company (NYSE = CFX) |
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Line of Business : |
Subject is engaged in manufacturing and engineering company, provides gas-and
fluid-handling and fabrication technology products and services to commercial
and governmental customers worldwide. |
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No of Employees : |
17,759 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – december 01, 2013
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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United States |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
UNITED STATES - ECONOMIC OVERVIEW
The US has the largest and most technologically powerful economy in the world,
with a per capita GDP of $49,800. In this market-oriented economy, private
individuals and business firms make most of the decisions, and the federal and
state governments buy needed goods and services predominantly in the private
marketplace. US business firms enjoy greater flexibility than their
counterparts in Western Europe and Japan in decisions to expand capital plant,
to lay off surplus workers, and to develop new products. At the same time, they
face higher barriers to enter their rivals' home markets than foreign firms
face entering US markets. US firms are at or near the forefront in
technological advances, especially in computers and in medical, aerospace, and
military equipment; their advantage has narrowed since the end of World War II.
The onrush of technology largely explains the gradual development of a
"two-tier labor market" in which those at the bottom lack the
education and the professional/technical skills of those at the top and, more
and more, fail to get comparable pay raises, health insurance coverage, and
other benefits. Since 1975, practically all the gains in household income have
gone to the top 20% of households. Since 1996, dividends and capital gains have
grown faster than wages or any other category of after-tax income. Imported oil
accounts for nearly 55% of US consumption. Crude oil prices doubled between
2001 and 2006, the year home prices peaked; higher gasoline prices ate into
consumers' budgets and many individuals fell behind in their mortgage payments.
Oil prices climbed another 50% between 2006 and 2008, and bank foreclosures
more than doubled in the same period. Besides dampening the housing market,
soaring oil prices caused a drop in the value of the dollar and a deterioration
in the US merchandise trade deficit, which peaked at $840 billion in 2008. The
sub-prime mortgage crisis, falling home prices, investment bank failures, tight
credit, and the global economic downturn pushed the United States into a
recession by mid-2008. GDP contracted until the third quarter of 2009, making
this the deepest and longest downturn since the Great Depression. To help
stabilize financial markets, in October 2008 the US Congress established a $700
billion Troubled Asset Relief Program (TARP). The government used some of these
funds to purchase equity in US banks and industrial corporations, much of which
had been returned to the government by early 2011. In January 2009 the US
Congress passed and President Barack OBAMA signed a bill providing an
additional $787 billion fiscal stimulus to be used over 10 years - two-thirds
on additional spending and one-third on tax cuts - to create jobs and to help
the economy recover. In 2010 and 2011, the federal budget deficit reached
nearly 9% of GDP. In 2012 the federal government reduced the growth of spending
and the deficit shrank to 7.6% of GDP. Wars in Iraq and Afghanistan required
major shifts in national resources from civilian to military purposes and
contributed to the growth of the budget deficit and public debt. Through 2011,
the direct costs of the wars totaled nearly $900 billion, according to US
government figures. US revenues from taxes and other sources are lower, as a
percentage of GDP, than those of most other countries. In March 2010, President
OBAMA signed into law the Patient Protection and Affordable Care Act, a health
insurance reform that was designed to extend coverage to an additional 32
million American citizens by 2016, through private health insurance for the
general population and Medicaid for the impoverished. Total spending on health
care - public plus private - rose from 9.0% of GDP in 1980 to 17.9% in 2010. In
July 2010, the president signed the DODD-FRANK Wall Street Reform and Consumer
Protection Act, a law designed to promote financial stability by protecting consumers
from financial abuses, ending taxpayer bailouts of financial firms, dealing
with troubled banks that are "too big to fail," and improving
accountability and transparency in the financial system - in particular, by
requiring certain financial derivatives to be traded in markets that are
subject to government regulation and oversight. In December 2012, the Federal
Reserve Board announced plans to purchase $85 billion per month of
mortgage-backed and Treasury securities in an effort to hold down long-term
interest rates, and to keep short term rates near zero until unemployment drops
below 6.5% or inflation rises above 2.5%. In late 2013, the Fed announced that
it would begin scaling back long-term bond purchases to $75 billion per month
in January 2014 and reduce them further as conditions warranted; the Fed,
however, would keep short-term rates near zero so long as unemployment and
inflation had not crossed the previously stated thresholds. Long-term problems
include stagnation of wages for lower-income families, inadequate investment in
deteriorating infrastructure, rapidly rising medical and pension costs of an
aging population, energy shortages, and sizable current account and budget
deficits.
|
Source
: CIA |
The address given on the
order
800 Henrietta Creek Road,
Roanoke, TX 76262 is the customer service office.
On 02-12-2014, VICTOR
TECHNOLOGIES GROUP, INC. and its subsidiaries merged into COLFAX CORPORATION
(listed with the NYSE under symbol CFX).
Company name: COLFAX CORPORATION
Address: 8170 Maple Lawn Blvd, Ste 180,
Fulton, MD 20759 - USA
Telephone: +1
301-323-9000
Fax: +1 301-323-9001
Website: www.colfaxcorp.com
2863769
Delaware
Public Company (NYSE = CFX)
02-25-1998
1860
102,132,719 shares issued
and outstanding
(as of February 3, 2014)
USD 0.001= par value
Steven E. SIMMS
Business:
Colfax Corporation, a diversified industrial manufacturing and engineering
company, provides gas-and fluid-handling and fabrication technology products
and services to commercial and governmental customers worldwide.
The company operates in two segments, Gas and Fluid Handling, and
Fabrication Technology.
The Gas and Fluid Handling segment designs, manufactures, installs, and
maintains gas- and fluid-handling products for various markets, including power
generation, oil, gas and petrochemical, mining, marine, defense, and general
industrial and other markets. This segment supplies a range of products
comprising pumps, fluid-handling systems and controls, specialty valves,
heavy-duty centrifugal and axial fans, rotary heat exchangers, and gas
compressors.
It also provides repair and retrofit services for products manufactured
by other valve suppliers. In addition, this segment provides lubrication system
equipment and services, including LubriMist oil mist generators, Mistlock
bearing lubrication cartridges, and ThermoJet oil purifiers, as well as various
services, such as high velocity oil flushing, leakage oil reclamation, and
condition monitoring services. It markets its products primarily under the
Howden and Colfax Fluid Handling brand names, as well as Allweiler, Imo, and
Total Lubrication Management brand names.
The Fabrication Technology segment formulates, develops, manufactures,
and supplies consumable products and equipment primarily under the ESAB brand
for use in the cutting and joining of steels, aluminum, and other metals and
metal alloys. Its ESAB range of welding consumables includes electrodes, cored
and solid wires, and fluxes.
The company markets its products through direct sales and third-party
distribution channels.
Colfax Corporation was founded in 1860 and is headquartered in Fulton,
Maryland.
Office of the Foreign
Assets Control (OFAC):
The company is not listed on the OFAC list.
The Specially Designated Nationals (SDN) List is a publication of OFAC
which lists individuals and organizations with whom United States citizens and
permanent residents are prohibited from doing business.
54-1887631
17,759
At the headquarters, we
find the corporate office, factory, and warehouse, owned.
Shareholders
The Company is listed with the NYSE under symbol CFX.
As of 12-31-2013, institutional and pension fund owners included
|
Blue Ridge Capital LLC |
5.26% |
|
Price (T.Rowe) Associates Inc |
5.17% |
|
BAMCO Inc. |
5.00% |
|
Vanguard Group, Inc. (The) |
4.89% |
|
JANUS CAPITAL MANAGEMENT, LLC |
4.26% |
Steven E. SIMMS has been the Chief Executive Officer and President of
Colfax Corporation since April 23, 2012 and April 2012 respectively. Mr. Simms
served as an Executive Vice President of Danaher Corp., from November 2000 to
2007. He joined Danaher Corp., in 1996. He served as Vice President and as a
Group Executive of Danaher Corp. from 1998 to 2000. He was instrumental in
Danaher's international growth and success. Prior to joining Danaher, he held
roles of increasing authority at Black & Decker Corporation, most notably
President of European Operations and President of Worldwide Accessories.
Mr. Simms started his career at the Quaker Oats Company where he held a
number of brand management roles. He served as Managing Partner of Arthur
Andersen LLP's Mid-Atlantic region from 1989 to February 2000; Director of
Manor Care Inc., and Smithfield Foods Inc. He served as the Chairman of Apex
Tool Group, LLC. He serves as a Director of Apex Tool Group, LLC and Mid-Iowa
Cooperative, Inc. He has been a Director of Colfax Corporation since July 27,
2011.
Mr. Simms is a Member of the Board of Trustees at The Boys' Latin School
of Maryland and is actively involved in a number of other educational and
charitable organizations in the Baltimore area.
C. Scott BRANNAN is the CFO.
Numerous subsidiaries in the U.S. and worldwide.
10K 2013 on attachment.
On Februray 6, 2014, Colfax Corporation reported earnings results for
the full year ended December 31, 2013.
For the full year, net sales were $4,207,209,000 against $3,913,856,000
a year ago. Operating income was $406,392,000 against $140,009,000 a year ago.
Income before income taxes was $302,795,000 against $48,439,000 a year
ago. Net income available to the company was $158,232,000 or $1.54 per diluted
share against net loss available to the company of $83,353,000 or $0.92 per
basic and diluted share a year ago. Adjusted operating income was $431,444,000
against $334,869,000 a year ago. Adjusted net income was $229,781,000 against
$159,755,000 a year ago. Adjusted net income available to the company common
shareholders was $209,385,000 or $2.04 per share against $140,804,000 or $1.34
per share a year ago. Net cash provided by operating activities was
$362,169,000 against $174,020,000 a year ago.
Purchases of fixed assets, net were $71,482,000 against $83,187,000 a
year ago.
On February 13, 2014, Colfax Corporation
announced the upsizing and pricing of its previously announced public offering.
The size of the offering has been increased
from 6,500,000 shares of common stock to 8,000,000 shares of common stock, at a
price per share of $68.75.
The underwriters will have a 30-day option
to purchase up to an additional 1,200,000 shares from Colfax.
Banks: Bank of America
…
Legal filings & complaints:
As of today date, there is no legal filing pending with the Courts.
Secured debts summary (UCC):
None