Topic: How To Invest

Spinoffs & Takeovers Hotline – Friday, October 6, 2023

Article Excerpt

ENOVIS CORP., $49.88, symbol ENOV on New York, is a medical technology company with more than 7,000 employees making more than 1,000 medical devices in 30 facilities worldwide. It also holds 1,239 patents on those medical devices. The company was formerly known as Colfax Corp. In March 2021, Colfax announced that it would divide itself into two independent public companies. The move separates its fabrication and welding business from its medical technology unit. Colfax completed the spinoff of ESAB Corporation (symbol ESAB on New York), its fabrication and welding business, in April 2022. Shareholders got one ESAB share for every three shares held in Enovis. Colfax changed its name to Enovis and began trading under the symbol ENOV. The decision to separate the businesses was made after a strategic review of its entire operation. The board felt that the two units operating under their own business plans and capital-allocation strategies would accelerate their growth and add value for shareholders. Immediately following the separation, Enovis…