IDEX Corporation to Acquire AWG
May 16 2016 - 8:00AM
Business Wire
IDEX CORPORATION (NYSE:IEX) announced today that LUKAS
Hydraulik GmbH, a subsidiary of IDEX, has entered into a definitive
agreement to acquire AWG Fittings GmbH (“AWG”), a European leader
in the manufacturing of safety equipment, for a cash consideration
of €46.0 million. AWG produces engineered products for the safety
and emergency response markets, including valves, monitors and
nozzles, operating under the AWG, Alco, ZR, and Lancier brand
names.
Located in Ballendorf, Germany, AWG had revenues of
approximately €36 million for the year ended December 31, 2015, and
will operate within the IDEX Fire and Safety/Diversified Products
Segment. The transaction is expected to close in approximately 45
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
AWG transaction, and look forward to welcoming them to the IDEX
family. AWG brings excellent brands and products to our expanding
Fire Suppression platform. This addition, coupled with our recent
acquisition of Akron Brass, further supports our global customers
with best in class life safety and fire suppression solutions.”
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”.
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IDEX CorporationHeath A. MittsSenior Vice President –Chief
Financial Officer847.498.7070
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