LAKE FOREST, Ill.--(BUSINESS WIRE)--Mar. 18, 2013--
IDEX Corporation (NYSE: IEX) announced today the
acquisition of FTL Seals Technology, Ltd (“FTL”), a leader in the design
and application of high integrity rotary seals, specialty bearings, and
other custom products for the oil & gas, mining, power generation, and
marine markets.
Located in Leeds, England, FTL has annual revenues of approximately £15
million. FTL will operate with Precision Polymer Engineering (“PPE”),
acquired in April 2010, within IDEX’s Health and Science Technologies
segment. FTL was acquired for cash consideration of approximately £24
million.
Commenting on the acquisition, IDEX Chairman and Chief Executive Officer
Andrew Silvernail stated, “We are extremely pleased with FTL’s decision
to become part of IDEX. FTL is a terrific complement to PPE. FTL creates
value for their customers by focusing their superior application
knowledge to the design of highly engineered sealing solutions. Married
with PPE, and its tremendous knowledge of material science and
manufacturing, we see significant opportunities for both revenue and
operational synergies. The combination of FTL’s and PPE’s core
competencies, and their expertise in serving a variety of markets, will
extend our offerings with new and existing OEMs around the world.”
About IDEX
IDEX Corporation is an applied solutions company specializing in fluid
and metering technologies, health and science technologies, dispensing
equipment, and fire, safety and other diversified products built to its
customers’ exacting specifications. Its products are sold in niche
markets to a wide range of industries throughout the world. IDEX shares
are traded on the New York Stock Exchange and Chicago Stock Exchange
under the symbol “IEX”.
For further information on IDEX Corporation and its business units,
visit the company’s Web site at www.idexcorp.com.
Source: IDEX Corporation
IDEX Corporation
Heath Mitts, (847) 498-7070
Vice President –
Corporate Finance