DJO Parent Enovis Is Now a Standalone Ortho Company

DJO parent company Enovis Corporation (Enovis), the medical technology company formerly known as Colfax Corporation, completed the separation of its fabrication technology business into publicly traded ESAB Corporation.
 
Enovis and ESAB common stock began trading today on the NYSE under the tickers “ENOV” and “ESAB” respectively.
 
“With the successful completion of the Separation, both ESAB and Enovis are well-positioned to create significant value for their associates, customers, shareholders and communities around the world,” Matt Trerotola, CEO of Enovis told the press. “We are thrilled about each company’s bright future that is fueled by strong global teams, powerful innovation engines and a commitment to continuous improvement.”
 
Enovis shareholders received one share of ESAB common stock held at close of business on March 22. Fractional shares will be aggregated and sold into the public market and proceeds distributed pro rata to Enovis shareholders.
 
About 90% (54 million) shares of ESAB’s common stock were given to Enovis shareholders and the remaining 10% (6 million) were retained by Enovis. Enovis aims to divest the shares within 12 months after the separation.