FULTON, Md.—Pump and valve maker Colfax Corp. plans to buy Charter International PLC, which owns two engineering businesses including welding equipment maker ESAB, in a cash-and-stock deal valued at $2.4 billion.

Colfax, which is based in Fulton, Md., has agreed to pay about $14.45 per share for Dublin-based Charter.

Charters Howden division focuses on air and gas handling, and its ESAB business focuses on welding and cutting.

Colfax CEO Clay H. Kiefaber said in a statement Howden will complement Colfaxs specialty fluid handling business and ESAB will be the nucleus of a new growth platform.

Colfax also said the deal provides exposure to emerging markets and offers an additional growth platform in the fragmented welding and cutting industry.

Charters board has unanimously approved the deal. Colfax will finance it with a combination of cash, new bank debt and new equity.

It has received $2.1 billion in firm commitments for the bank debt from Deutsche Bank and HSBC.

ESAB posted CAN$1.83 billion in total sales in 2010 and employed more than 8,400 people in 26 manufacturing plants worldwide.