ESAB Corporation is Now an Independent, Publicly Traded Company
ESAB Separates from Enovis Corporation and is now under the NYSE Symbol “ESAB”; ESAB also announced its new purpose and values.
Posted: April 12, 2022
(North Bethesda, MD) — ESAB Corporation (“ESAB” or the “Company”) (NYSE: ESAB), a premier global fabrication and specialty gas control technology company focused on welding technology, advanced equipment, consumables, specialty gas control, robotics, and digital solutions announced today the completion of its separation (the “Separation”) from Enovis Corporation, formerly known as Colfax Corporation (“Enovis”), and its launch as an independent, publicly traded corporation. ESAB’s common stock will begin trading “regular way” today, April 5, 2022, on the New York Stock Exchange under the symbol “ESAB.”
“Today marks a major milestone for ESAB Corporation as a premier fabrication technology company,” said Shyam P. Kambeyanda, President and Chief Executive Officer of ESAB Corporation. “We have a proven track record of revenue growth, margin expansion, and free cash flow generation, and our team is excited and ready to operate and thrive as an independent, publicly traded company. Given our rich history of innovation and culture of continuous improvement, the ESAB Business Excellence System will be the foundation of our initiatives to always improve our operational performance and meet our financial commitments. We believe our well-established playbook will create long-term value for all of our stakeholders.”
In addition to celebrating its spin-off as a public company, ESAB also announced its new purpose and values. “At our core, we at ESAB Corporation believe that the progress we make today makes the world we imagine possible. We are proud to announce, Shaping the world we imagine, as our new company purpose,” continued Kambeyanda. “As a global company with more than 9,000 associates serving 147 countries, we developed our purpose and values with the input of our associates and customers. As we launch into this next period in our company’s 117-year international legacy, we remain committed to creating an inclusive culture built on shared success, collaboration, continuous improvement, talent development and leadership.”
In connection with the Separation, on April 4, 2022, Enovis shareholders received one share of ESAB common stock for every three shares of Enovis common stock held at the close of business on March 22, 2022. Fractional shares will be aggregated and sold into the public market and the proceeds distributed pro rata to Enovis shareholders who otherwise would have received such fractional shares. The shares will be credited to “street name” shareholders through the Depository Trust Corporation. Approximately 54 million shares, or 90%, of ESAB’s common stock were distributed to Enovis shareholders, and approximately 6 million shares, or 10%, of ESAB’s common stock, were retained by Enovis.
