IDEX Corporation (NYSE: IEX) announced today the acquisition of FTL Seals Technology, Ltd (“FTL”), a leader in the design and application of high integrity rotary seals, specialty bearings, and other custom products for the oil & gas, mining, power generation, and marine markets.
Located in Leeds, England, FTL has annual revenues of approximately £15 million. FTL will operate with Precision Polymer Engineering (“PPE”), acquired in April 2010, within IDEX’s Health and Science Technologies segment. FTL was acquired for cash consideration of approximately £24 million.
Commenting on the acquisition, IDEX Chairman and Chief Executive Officer Andrew Silvernail stated, “We are extremely pleased with FTL’s decision to become part of IDEX. FTL is a terrific complement to PPE. FTL creates value for their customers by focusing their superior application knowledge to the design of highly engineered sealing solutions. Married with PPE, and its tremendous knowledge of material science and manufacturing, we see significant opportunities for both revenue and operational synergies. The combination of FTL’s and PPE’s core competencies, and their expertise in serving a variety of markets, will extend our offerings with new and existing OEMs around the world.”
About IDEXIDEX Corporation is an applied solutions company specializing in fluid and metering technologies, health and science technologies, dispensing equipment, and fire, safety and other diversified products built to its customers’ exacting specifications. Its products are sold 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”. For further information on IDEX Corporation and its business units, visit the company’s Web site at www.idexcorp.com.