DJO parent Enovis completes ESAB spinoff, becomes stand-alone ortho device company

[Image courtesy of Colfax]DJO parent company Enovis (NYSE:ENOV) announced today that completed the spinoff of its fabrication technology business, ESAB (NYSE:ESAB).

Following the split,  Enovis — formerly Colfax — becomes a new stand-alone orthopedic device company while ESAB will focus on fabrication technology operating out of the Colfax headquarters in Annapolis Junction, Maryland.

According to a news release, immediately after the separation of the businesses, Enovis enacted a reverse stock split of all issues and outstanding shares of its common stock at a one-for-three ratio. Both Enovis and ESAB common stock will begin regular-way trading today — April 5, 2022 — on the New York Stock Exchange.

In connection with the separation, 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. Approximately 54 million shares (about 90%) of ESABR…

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