Colfax announces expected completion date of april 4, 2022 for spin-off of esab corporation

Wilmington de,, march 14, 2022 (globe newswire) -- —colfax corporation (“colfax”) (nyse: cfx) today announced that its board of directors has declared (a) a pro rata distribution of 90% of the outstanding common stock of esab corporation (“esab”) to colfax shareholders of record as of the close of business on march 22, 2022 (the “record date”), and (b) that the previously announced reverse stock split of all issued and outstanding shares of colfax common stock will be effected at a one-for-three ratio (the “reverse stock split”) following the distribution of the esab shares. the distribution is expected to be payable after the market close on april 4, 2022 (“distribution date”). as a result of the distribution, colfax shareholders will receive one share of esab common stock for every three shares of colfax common stock they hold on the record date (pre-reverse stock split ratio). immediately following the distribution, colfax will retain 10% of the outstanding shares of esab common stock, which colfax intends to divest within 12 months after the separation in a tax-efficient exchange for its outstanding debt.
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