Colfax Corporate, owner of DJO, announced today its intention to split into two public companies by the first quarter of 2022. The medical technology company's leadership team will include Matt Trerotola (CEO), Brady Shirley (COO) and Chris Hix (CFO) - all current Colfax executives.
The move comes as Colfax built momentum in orthopedics despite the pandemic, thanks in part to its aggressive bolt-on acquisition strategy that netted Stryker's STAR total ankle and Trilliant Surgical. For 2020, DJO revenue declined in the high single digits, but the company is well-positioned in fast-growing markets like foot and ankle for 2021 and beyond.
Colfax CEO Matt Trerotola said, "Now is the right time to build on the momentum in both businesses and enable each to better capitalize on its distinct opportunities. Our abilities to successfully develop talent, drive innovation, leverage our Colfax Business System for continuous improvement and acquire attractive businesses are core to both MedTech and FabTech. We believe a separation will better position each business to execute tailored strategies to deliver above-market growth, margin expansion and strong, consistent free cash flow."