IDEX Corporation Signs Agreement to Acquire Novotema
April 20 2015 - 4:05PM
Business Wire
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”.
IDEX CorporationHeath A. MittsSenior Vice President–Chief
Financial Officer847.498.7070
IDEX (NYSE:IEX)
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