News Breaks
October 27, 2009
08:47 EDT CFX theflyonthewall.com: Colfax to provide pumping solutions for French Navy nuclear subs
Colfax Corporation announced its Colfax-Imo Pompes Business Unit in France will provide oil pumps and other fluid-handling systems for Barracuda-class nuclear submarines being built for the French Navy. Colfax will deliver the first pumping systems to French naval-defense contractor Direction des Constructions Navales Services between the end of 2010 and the beginning of 2011. They will be used aboard the Suffren, the first of six submarines that will enter active service between 2016 and 2027. Colfax will continue to provide service, training, parts and documentation for its systems during the service life of the vessels.


October 22, 2009
09:08 EDT CFX theflyonthewall.com: Colfax unit receives favorable ruling in asbestos insurance case
Colfax announced that its Warren Pumps subsidiary received a favorable ruling in its asbestos insurance case. The decision issued October 14, 2009, by the Delaware Court of Chancery confirmed that Warren is entitled to excess insurance coverage purchased by a former owner of the business. The Court also ruled that Warren's asbestos-related costs should be allocated among excess insurers using an "all sums" allocation. This allows Warren to collect amounts paid in connection with a claim from any insurer whose policy is triggered, up to the policy's applicable limits. This litigation and the decision are separate and apart from insurance litigation involving Colfax's Imo subsidiary. The Company is currently evaluating the impact of this favorable ruling on its financial reporting and expects to record a gain in the third quarter.