The IPOX® Watch: ESAB Corp (ESAB US)
Company Description
Headquartered in North Bethesda, Maryland, ESAB is the fabrication technology business spin-off of Enovis. Originally founded in 1904 in Sweden as Elektriska Svetsnings-Aktiebolaget (or Electric Welding Limited Company) the firm has been built through a series of acquisitions, ESAB now provides welding and cutting equipment and consumables, gas control equipment, robotics, and software and digital solutions.
Business Model
ESAB Corp generates revenue from sale of equipment such as portable welding machines, and consumables including electrodes, cored and solid wires and fluxes, nozzles, shields and tips.
Spin-Off History
On 04/05/2022, ESAB Corp completed the spin-off from Enovis Corporation (formerly known as Colfax) and began trading on the NYSE. Enovis shareholders received one share of ESAB common stock for every three shares of Enovis shares held as of 03/22/2022 (the record date). Enovis retained approximately 10% of ESAB's stake and divested such shares on 11/16/2022.
ESAB Corporation was included in the IPOX® 100 U.S. Index (ETF: FPX US, FPX LN) on 12/19/2022 and has gained ▲44.70% since addition to the index.
