IDEX Corporation Acquires FTL Seals Technology, Ltd
LAKE FOREST, Ill. -- March 18, 2013
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
IDEX 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.
Heath Mitts, (847) 498-7070
Vice President – Corporate Finance
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