Colfax to buy Charter Int'l in $2.4 B deal

[September 12, 2011]  FULTON, Md. (AP) -- Pump and valve maker Colfax Corp. says it will buy Irish engineering businesses owner Charter International PLC in a cash-and-stock deal valued at $2.4 billion.

Colfax, which is based in Fulton, Maryland, says it has agreed to pay 910 pence, or about $14.45 per share, for Dublin-based Charter. The offer includes cash and a portion of Colfax shares for each share of Charter.

Colfax says Charter's board has unanimously approved the deal.

Charter owns engineering businesses that focus on welding, cutting and automation and air and gas handling. Colfax says the deal will speed up its growth strategy and help the company's international business.

[Associated Press]

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