IDEX Corporation Acquires Manfred Vetter; Strategic Expansion of Global Rescue
and Recovery Business
NORTHBROOK, Ill., Jan. 6 /PRNewswire-FirstCall/ --
IDEX Corporation , the
world's leading provider of positive displacement pumps, dispensing equipment
for color formulation and other highly engineered products including the Hurst
Jaws of Life, today announced that it has acquired German-based Manfred Vetter
GmbH, a manufacturer of rescue and environmental protection equipment. Vetter
will be operated as part of IDEX's Hale Products' hydraulic equipment business.
Terms of the cash transaction were not disclosed.
Headquartered in Zulpich, Germany, Manfred Vetter GmbH has annual sales of
approximately $15 million and is the world leader in the design and manufacture
of pneumatic lifting and sealing bags for vehicle and air rescue, environmental
protection, industrial maintenance, and disaster recovery and control. Vetter
also manufactures inflatable mobile decontamination tents, jump bags for
building rescue, and oil and water aspirators for spill cleanup.
Commenting on the acquisition, IDEX Chairman and Chief Executive Officer Dennis
K. Williams said, "Manfred Vetter fits our global growth strategy exceptionally
well. The combination of Vetter and our fire and rescue businesses, including
Hale Products, Hurst, Lukas Hydraulik and Class One, strengthens IDEX's
portfolio, while opening up meaningful new growth opportunities in the
environmental protection, disaster control, military, construction and
industrial maintenance markets."
Manfred Vetter, founder and President of Manfred Vetter GmbH, said, "The future
growth of Vetter can be accelerated through channel synergies with IDEX within
continental Europe and the United Kingdom, as well as through the leverage of
Hale Products' existing distributor/dealer network in North America, Latin
America and Asia Pacific. We believe the combination of our companies will
bring added value to Vetter customers and employees, fueling future innovation
and extending our geographic reach within the end markets we serve."
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Exchange Act of 1934, as amended. These statements are indicated by words or
phrases such as "anticipate," "estimate," "plans," "expects," "projects,"
"should," "will," "management believes," "the company believes," "the company
intends," and similar words or phrases. These statements are subject to
inherent uncertainties and risks that could cause actual results to differ
materially from those anticipated at the date of this news release. For a
discussion of such risks and factors that could cause actual results to differ
from those contained in the forward-looking statements, please see "Risk
Factors" in the company's annual report or Form 10-K for the most recent fiscal
year, as well as the company's other filings with the Securities and Exchange
Commission. Management undertakes no obligation to publicly update the
forward-looking statements contained in this release. Investors are cautioned
not to rely unduly on forward-looking statements when evaluating the information
presented here.
About IDEX
IDEX Corporation is a manufacturer of proprietary pump and metering products,
dispensing equipment and other engineered products with leading positions in
niche markets. Its products are sold 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."
DATASOURCE: IDEX Corporation
CONTACT: Susan H. Fisher, Director - Investor Relations, of IDEX
Corporation, +1-847-498-7070