IDEX CORPORATION (NYSE:IEX) announced 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.”
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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”.