IDEX Corporation to Acquire Akron Brass
February 05 2016 - 2:00AM
Business Wire
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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IDEX CorporationHeath A. MittsSenior Vice President–Chief
Financial Officer847.498.7070
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