LAKE FOREST, Ill.--(BUSINESS WIRE)--Apr. 20, 2015--
IDEX CORPORATION (NYSE:IEX) announced today that it entered into
an agreement to acquire 100% of the outstanding shares of Novotema, SpA,
a leader in the design, manufacture and sale of specialty sealing
solutions for use in the building products, gas control, transportation,
industrial and water markets. The transaction is expected to close
within 45 days, pending regulatory approval.
Located in Villango, Italy, Novotema has revenues of approximately €30
million and will operate within the IDEX Sealing Solutions group.
Novotema was acquired from Ardian, a leading global private equity firm,
for a cash consideration of approximately €57 million and is expected to
be accretive to IDEX earnings in the first full year after closing.
Commenting on the acquisition, IDEX Chairman and Chief Executive
Officer, Andy Silvernail stated, “Novotema represents the third
acquisition in the global build–out of our rapidly expanding Sealing
Solutions group and we believe the company’s key technologies and
applications are well suited to accelerate profitable growth within the
IDEX operating model.”
About IDEX
IDEX Corporation is an applied solutions company specializing in fluid
and metering technologies, health and science technologies, and fire,
safety and other diversified products built to its customers’ exacting
specifications. IDEX has annual revenues in excess of $2 billion and
sells its products 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”.
Source: IDEX Corporation
IDEX Corporation
Heath A. Mitts
Senior Vice President–Chief
Financial Officer
847.498.7070