Cot-Puritech supplies oil flushing and remediation services to refinery and petrochemical operators, power generation plants and other industrial manufacturing sites. The company recorded roughly $20 million in revenue last year, according to Colfax.

“We intend to expand these services through our global oil & gas and power generation channels,” said Colfax Chief Executive Clay H. Kiefaber.

In addition to the $34 million purchase price, the acquisition includes the possibility for additional contingent payments, subject to the achievement of certain performance goals. Cot-Puritech’s 80 employees will be integrated into Colfax’s fluid-handling business.

Colfax has been adding to its business recently, reporting in September it would acquire welding equipment maker Charter International PLC (CHTR.LN) for $2.4 billion in cash and stock.

Shares closed Tuesday at $31.65 and were inactive before the market open. The stock has climbed 72% since the start of the year.