IDEX Corporation : IDEX Acquires ERC
04/30/2012| 04:35pm US/Eastern
Recommend:
IDEX Corporation (NYSE: IEX) announced today that it has acquired ERC
from MH Capital Partners II, L.P. ("MH Capital"). ERC is a leader in the
manufacture of gas liquid separations and detection solutions for the
life science, analytical instrumentation and clinical chemistry markets.
ERC's pioneering products include in-line membrane vacuum degassing
solutions, refractive index detectors and ozone generation systems.
ERC's original equipment degassing solutions are considered the
"standard" for many of the world's leading instrument producers. Located
in Kawaguchi, Japan, ERC has a global customer base and annual revenues
of approximately ¥2.14 billion. ERC will operate within IDEX's Health
and Science Technologies segment. With cash consideration of
approximately ¥1.65 billion, ERC is expected to be accretive to IDEX's
earnings within the first full year after acquisition.
Commenting on the acquisition, IDEX Chairman and Chief Executive Officer
Andrew Silvernail stated, "We are thrilled with the opportunity to add
ERC to our Health and Science Technologies platform. ERC provides IDEX
with access to key analytical instrumentation customers, a strong
manufacturing base in Japan, vital products for clinical diagnostic
applications and a gateway to the burgeoning instrumentation markets of
Asia. We look forward to significant collaboration in the critical areas
of new product design, global sourcing and manufacturing, as we realize
strategic account management and operating synergies. We believe ERC
affords IDEX Health and Science a unique opportunity to strengthen our
product offering for current customers as well as providing access to
new and influential market participants." ERC President, Yoshio Ishii,
added, "we believe the chance to join IDEX's Health and Science
Technologies segment and their global family of brands is a great
opportunity for our customers, suppliers and employees. IDEX's
commitment to the instrumentation market is well established, and we
look forward to working together to achieve continued growth and success
in this marketplace."
About IDEX
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.
IDEX Corporation
Investor Contact:
Heath Mitts
Vice
President and Chief Financial Officer
(847) 498-7070
© Business Wire 2012
Recommend :
