IDEX Corporation Completes Acquisition of Abel Pumps, L.P.

Rhea-AI Summary

IDEX Corporation (NYSE:IEX) has successfully completed its acquisition of Abel Pumps, L.P. from Hillenbrand, Inc. (NYSE:HI). Abel is known for its advanced reciprocating positive displacement pumps tailored for demanding applications in sectors such as mining, marine, and wastewater. This strategic acquisition is set to enhance IDEX's fluidics capabilities and expand its market reach. Abel's operational headquarters is in Germany, with additional locations in Spain and the U.S. IDEX aims to leverage Abel's expertise to improve its solutions for its customers' fluid management challenges.

Positive

• Acquisition of Abel Pumps enhances IDEX's product offerings in fluid management.
• Access to Abel's advanced pump technologies for demanding industrial applications.
• Expansion of operational capabilities with Abel's established presence in Europe and North America.

Negative

• None.

IDEX Corporation (NYSE:IEX) today completed its previously announced acquisition of Abel Pumps, L.P., and certain of its affiliates (ABEL) from Hillenbrand, Inc. (NYSE: HI).

ABEL designs and manufactures highly engineered reciprocating positive displacement pumps for a variety of end markets, including mining, marine, power, water, wastewater and other general industries. The company’s diaphragm and high-pressure piston pumps serve harsh, demanding applications involving abrasive or corrosive substances and fluids with high solids content.

“We welcome ABEL and its employees worldwide to the IDEX family of businesses. We look forward to their expertise complementing the longstanding strength IDEX has in pump and valve manufacturing,” IDEX Chief Executive Officer and President Eric Ashleman said. “As part of our great team, together we will further expand our abilities to solve customers’ toughest fluidics challenges.”

ABEL’s administration office and manufacturing plant are in Büchen, Germany, with sales and service locations in Madrid and Pittsburgh. ABEL joins IDEX’s Fluid and Metering Technologies segment.

About IDEX

IDEX (NYSE: IEX) is a company that has undoubtedly touched your life in some way. In fact, IDEX businesses make thousands of products that are mission-critical components in everyday activities. Chances are the car you’re driving has a BAND-IT® clamp holding your side airbag safely in place. If you were ever in a car accident, a Hurst Jaws of Life® rescue tool may have saved your life. If you or a family member is battling cancer, your doctor may have tested your DNA in a quest to find the best targeted medicine for you. It’s likely your DNA test was run on equipment that contains components made by our growing IDEX Health & Science team. Founded in 1988 with three small, entrepreneurial manufacturing companies, we’re proud to say that we now call 40 diverse businesses around the world part of the IDEX family. With 7,000 employees and manufacturing operations in more than 20 countries, IDEX is a high-performing, global $2+ billion company committed to making trusted solutions that improve lives. IDEX shares are traded on the New York Stock Exchange under the symbol “IEX”.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210311005096/en/

FAQ

What is the significance of IDEX's acquisition of Abel Pumps?

The acquisition enhances IDEX's capabilities in fluid management and expands its market reach in industrial applications.

What sectors does Abel Pumps serve?

Abel Pumps designs pumps for sectors including mining, marine, power, water, and wastewater.

When was the acquisition of Abel Pumps completed?

IDEX completed the acquisition of Abel Pumps on March 11, 2021.

How will the acquisition impact IDEX's operations?

The acquisition is expected to strengthen IDEX's market position and improve solutions for customers' fluidics challenges.