Colfax's Warren Pumps Receives Favorable Ruling in Asbestos Insurance Case
October 22 2009 - 9:06AM
PR Newswire (US)
RICHMOND, Va., Oct. 22 /PRNewswire-FirstCall/ -- Colfax Corporation
(NYSE: CFX), a global leader in fluid-handling solutions for
critical applications, announced today 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. The Company plans to announce its third quarter
results, excluding the impact related to this ruling, on November
3, 2009. ABOUT COLFAX CORPORATION - Colfax Corporation is a global
leader in critical fluid-handling products and technologies.
Through its global operating subsidiaries, Colfax manufactures
positive displacement industrial pumps and valves used in oil &
gas, power generation, commercial marine, global naval and general
industrial markets. Colfax's operating subsidiaries supply products
under the well-known brands Allweiler, Fairmount Automation,
Houttuin, Imo, LSC, Portland Valve, Tushaco, Warren and Zenith.
Colfax is traded on the NYSE under the ticker "CFX." Additional
information about Colfax is available at
http://www.colfaxcorp.com/. CAUTIONARY NOTE CONCERNING FORWARD
LOOKING STATEMENTS: This press release may contain forward-looking
statements, including forward-looking statements within the meaning
of the U.S. Private Securities Litigation Reform Act of 1995. Such
forward-looking statements include, but are not limited to,
statements concerning Colfax's plans, objectives, expectations and
intentions and other statements that are not historical or current
facts. Forward-looking statements are based on Colfax's current
expectations and involve risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
in such forward-looking statements. Factors that could cause
Colfax's results to differ materially from current expectations
include, but are not limited to factors detailed in Colfax's
reports filed with the U.S. Securities and Exchange Commission as
well as its Annual Report on Form 10-K under the caption "Risk
Factors". In addition, these statements are based on a number of
assumptions that are subject to change. This press release speaks
only as of this date. Colfax disclaims any duty to update the
information herein. The term "Colfax" in reference to the
activities described in this press release may mean one or more of
Colfax's global operating subsidiaries and/or their internal
business divisions and does not necessarily indicate activities
engaged in by Colfax Corporation. DATASOURCE: Colfax Corporation
CONTACT: Mitzi Reynolds of Colfax Corporation, +1-804-327-5689, Web
Site: http://www.colfaxcorp.com/
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