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Pump and valve maker Colfax Corp. will pay $2.4 billion to pick up Dublin, Ireland-based Charter International PLC, which owns two engineering businesses.

Charter’s Howden division focuses on air and gas handling, and its ESAB business focuses on welding and cutting.

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Colfax also said the deal provides exposure to emerging markets and offers an additional growth platform in the fragmented welding and cutting industry.

“Charter International, with its global brands, is an excellent strategic fit that will significantly enhance our position in emerging markets, create an even balance of short- and long-cycle businesses and grow our aftermarket revenues,” said Clay H. Kiefaber, Colfax President and Chief Executive. “Howden will be a great complement to our existing specialty fluid handling business and ESAB will be the nucleus of a new growth platform. In addition, we believe the application of the Colfax Business System will drive meaningful operational improvements.”

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“This is a transformational acquisition for Colfax that accelerates our growth strategy, enhances our business profile and continues our journey to becoming a premier global enterprise,” said Mitch Rales, Colfax Chairman.

Fulton, MD-based Colfax said Charter’s board has unanimously approved the deal. Colfax will finance it with a combination of cash, new bank debt and new equity.

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