IDEX Corporation to Acquire Abel Pumps L.P.
IDEX Corporation (NYSE:IEX) has signed a definitive agreement to acquire Abel Pumps, L.P. from Hillenbrand, Inc. (NYSE: HI) for $103.5 million in cash. Abel Pumps specializes in high-performance reciprocating pumps for various critical sectors, including mining and wastewater. Abel’s annual revenue is approximately $34 million. This acquisition is expected to enhance IDEX's pump manufacturing expertise and expand its offerings. The deal is anticipated to close in Q1 2021, pending regulatory approvals and customary conditions.
- Acquisition of ABEL for $103.5 million enhances IDEX's pump portfolio.
- ABLE's annual sales of approximately $34 million will contribute to IDEX's revenue.
- Strengthens IDEX's presence in demanding markets like mining and wastewater.
- None.
IDEX Corporation (NYSE:IEX) today announced that it has entered into a definitive agreement to acquire Abel Pumps, L.P., and certain of its affiliates (ABEL) from Hillenbrand, Inc. (NYSE: HI) for cash consideration of
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.
“The acquisition of ABEL will provide a complementary addition to the well-established expertise IDEX holds in pump manufacturing,” IDEX Chief Executive Officer and President Eric Ashleman said. “We foresee ABEL benefitting from joining a company with broad knowledge in pumps and valves and a focus on solving our customers’ toughest fluids challenges. Our unique decentralized structure gives our business units significant autonomy, while the common IDEX culture and operating model provides the foundation for growth and operational excellence.”
ABEL’s administration office and manufacturing plant are in Büchen, Germany, with sales and service locations in Madrid and Pittsburgh. With annual sales of approximately
The transaction is expected to close in the first quarter of 2021, subject to regulatory approvals and customary closing conditions.
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
For further information on IDEX Corporation and its business units, visit the company’s website at www.idexcorp.com.
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