IDEX Corporation to Acquire Abel Pumps L.P.
January 11 2021 - 09:00AM
Business Wire
IDEX Corporation (NYSE:IEX) today announced that it has entered
into a definitive agreement to acquire Abel Pumps, L.P., and
certain of its affiliates (ABEL) from Hillenbrand, Inc. (NYSE: HI)
for cash consideration of $103.5 million, before closing
adjustments.
ABEL designs and manufactures highly engineered reciprocating
positive displacement pumps for a variety of end markets, including
mining, marine, power, water, wastewater and other general
industries. The company’s diaphragm and high-pressure piston pumps
serve harsh, demanding applications involving abrasive or corrosive
substances and fluids with high solids content.
“The acquisition of ABEL will provide a complementary addition
to the well-established expertise IDEX holds in pump
manufacturing,” IDEX Chief Executive Officer and President Eric
Ashleman said. “We foresee ABEL benefitting from joining a company
with broad knowledge in pumps and valves and a focus on solving our
customers’ toughest fluids challenges. Our unique decentralized
structure gives our business units significant autonomy, while the
common IDEX culture and operating model provides the foundation for
growth and operational excellence.”
ABEL’s administration office and manufacturing plant are in
Büchen, Germany, with sales and service locations in Madrid and
Pittsburgh. With annual sales of approximately $34 million, ABEL
will join IDEX’s Fluid and Metering Technologies segment.
The transaction is expected to close in the first quarter of
2021, subject to regulatory approvals and customary closing
conditions.
About IDEX
IDEX (NYSE: IEX) is a company that has undoubtedly touched your
life in some way. In fact, IDEX businesses make thousands of
products that are mission-critical components in everyday
activities. Chances are the car you’re driving has a BAND-IT® clamp
holding your side airbag safely in place. If you were ever in a car
accident, a Hurst Jaws of Life® rescue tool may have saved your
life. If you or a family member is battling cancer, your doctor may
have tested your DNA in a quest to find the best targeted medicine
for you. It’s likely your DNA test was run on equipment that
contains components made by our growing IDEX Health & Science
team. Founded in 1988 with three small, entrepreneurial
manufacturing companies, we’re proud to say that we now call 40
diverse businesses around the world part of the IDEX family. With
7,000 employees and manufacturing operations in more than 20
countries, IDEX is a high-performing, global $2+ billion company
committed to making trusted solutions that improve lives. IDEX
shares are traded on the New York Stock Exchange under the symbol
“IEX”.
For further information on IDEX Corporation and its business
units, visit the company’s website at www.idexcorp.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20210111005328/en/
Investor Contact IDEX Corporation
William K. Grogan Senior Vice President and Chief Financial Officer
+1 847-498-7070 wgrogan@idexcorp.com
Media Contact: IDEX Corporation
Mark Spencer +1 847-457-3793 mdspencer@idexcorp.com
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