LAKE FOREST, Ill.--(BUSINESS WIRE)--Feb. 5, 2016--
IDEX CORPORATION (NYSE:IEX) announced today that it has entered
into a definitive agreement to acquire Akron Brass Holding Corp. (the
“Company”), an indirect wholly-owned subsidiary of Premier Farnell plc
(“Premier Farnell”), and a global leader in the manufacturing of safety
equipment and emergency response equipment, for a cash consideration of
$224.2 million, subject to customary adjustments. Operating under the
Akron Brass and Weldon brand names, the Company produces a large array
of engineered life-safety products for the safety and emergency response
markets, including apparatus valves, monitors, nozzles, specialty
lighting, electronic vehicle-control systems and firefighting hand tools.
Located in Wooster, Ohio, Akron Brass had revenues of approximately $120
million for the trailing twelve months ended December 31, 2015 and will
operate within the IDEX Fire and Safety/Diversified Products segment.
The transaction is conditioned upon the approval of Premier Farnell’s
shareholders, and is expected to close in approximately 60 days, subject
to regulatory approvals and customary closing conditions.
Commenting on the transaction, IDEX Chairman and Chief Executive Officer
Andy Silvernail stated, “We are pleased to announce the Akron Brass
transaction, and look forward to welcoming them to the IDEX family.
Akron Brass’ world-class brands and presence as a premier manufacturer
of firefighting equipment are an excellent strategic fit within our
existing Fire Suppression platform. This combination is a high
value-creation opportunity and will expand our leading business in an
end market that we are very familiar with.
“Over the past 12 months, we have enhanced our focus on finding new
adjacencies in our Fire & Safety / Diversified segment, and uncovered
some excellent opportunities that have similar attributes to our
existing businesses where our operational abilities can be leveraged,
and Akron Brass meets these criteria. The acquisition of Akron Brass
creates a $330 million premier fire and rescue platform serving the
global firefighting industry.”
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 $2billion 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”.
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Source: IDEX Corporation
IDEX Corporation
Heath A. Mitts
Senior Vice President–Chief
Financial Officer
847.498.7070