Colfax Corp. expects slow sales growth

-- Colfax Corp., the Richmond-based maker of industrial pumps and valves, today said sales for 2009 are expected to slow significantly.

The company said organic sales growth for 2008 is expected to be end up at about 14 percent, in line with the company's low double-digit organic growth expectation for the year.

For 2009, the company anticipates organic sales growth will be in the range of 1 percent to 3 percent.

"While we are entering the year with a sizable backlog, we remain cautious about the second half of the year due to the uncertainty related to the weak global economy and its potential impact on our end markets," said John Young, Colfax's president and chief executive officer.