Roper Technologies to Divest Zetec
Roper Technologies (NYSE: ROP) announced the sale of its Zetec business to Eddyfi/NDT for approximately $350 million. Zetec has reported $64 million in revenue and $17 million in EBITDA over the past year. The deal is expected to close by the end of 2021, pending regulatory approvals. CEO Neil Hunn expressed confidence in the acquisition, highlighting the fit for Zetec's employees and customers.
This strategic move allows Roper to focus its resources on its core operations while providing Eddyfi/NDT with enhanced capabilities in nondestructive testing.
- Transaction valued at approximately $350 million enhances focus on core operations.
- Zetec generated $64 million in revenue and $17 million in EBITDA over the last 12 months.
- None.
SARASOTA, Fla., Aug. 10, 2021 (GLOBE NEWSWIRE) -- Roper Technologies, Inc. (NYSE: ROP), a leading diversified technology company, today announced that it has reached a definitive agreement to sell its Zetec business to Eddyfi/NDT in an all-cash transaction valued at approximately
“Eddyfi/NDT is an ideal home for Zetec, and the combination of these businesses will be a great fit for Zetec’s talented employees and loyal customers,” said Neil Hunn, Roper’s President and CEO. “We are thankful to everyone at Zetec for their many years of contributions to Roper and wish them continued success with their innovative work in nondestructive testing."
About Roper Technologies
Roper Technologies is a constituent of the S&P 500, Fortune 500, and the Russell 1000 indices. Roper operates businesses that design and develop software (both license and software-as-a-service) and engineered products and solutions for a variety of niche end markets. Additional information about Roper is available on the Company’s website at www.ropertech.com.
About Zetec
Zetec is a global leader in nondestructive testing (NDT) solutions for the critical inspection needs of industries the world counts on every day including Power Generation, Oil and Gas, Aerospace, Automotive, Maritime, Military, Rail, and Manufacturing. For more than 50 years, Zetec has advanced NDT standards and science that protect customers’ most important assets and ensure the quality of their products, processes, and services. Learn more at www.zetec.com.
About Eddyfi/NDT
Eddyfi/NDT is a fast-growing, innovative, and private industrial technology group focused on advanced diagnostic technologies to monitor the world’s infrastructure health. The Group serves asset owners, large engineering firms, and service companies globally in markets such as Aerospace, Civil Infrastructure, Energy, Mining, Power Generation, and Rail. Eddyfi/NDT believes that advancing science and technology via sensors, hardware, robotics, and software makes the world more productive and safer for people, business, and nature. The company employs over 1,300 people throughout 28 offices worldwide and serves clients in more than 110 countries. More information on Eddyfi/NDT can be found on the company’s website: www.eddyfi-ndt.com
The information provided in this press release contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements may include, among others, statements regarding operating results, the success of our internal operating plans, and the prospects for newly acquired businesses to be integrated and contribute to future growth, profit and cash flow expectations. Forward-looking statements may be indicated by words or phrases such as "anticipate," "estimate," "plans," "expects," "projects," "should," "will," "believes," "intends" and similar words and phrases. These statements reflect management's current beliefs and are not guarantees of future performance. They involve risks and uncertainties that could cause actual results to differ materially from those contained in any forward-looking statement. Such risks and uncertainties include any ongoing impacts of the COVID-19 pandemic on our business, operations, financial results and liquidity, which will depend on numerous evolving factors which we cannot accurately predict or assess, including: the duration and scope of the pandemic, new variants of the virus and the distribution and efficacy of vaccines; any negative impact on global and regional markets, economies and economic activity; actions governments, businesses and individuals take in response to the pandemic; the effects of the pandemic, including all of the foregoing, on our customers, suppliers, and business partners, and how quickly economies and demand for our products and services recover after the pandemic subsides. Such risks and uncertainties also include our ability to identify and complete acquisitions consistent with our business strategies, integrate acquisitions that have been completed, realize expected benefits and synergies from, and manage other risks associated with, the newly acquired businesses. We also face other general risks, including our ability to realize cost savings from our operating initiatives, general economic conditions and the conditions of the specific markets in which we operate, changes in foreign exchange rates, difficulties associated with exports, risks associated with our international operations, cybersecurity and data privacy risks, including litigation resulting therefrom, risks related to political instability, armed hostilities, incidents of terrorism, public health crises (such as the COVID-19 pandemic) or natural disasters, increased product liability and insurance costs, increased warranty exposure, future competition, changes in the supply of, or price for, parts and components, environmental compliance costs and liabilities, risks and cost associated with litigation, including asbestos related litigation, potential write-offs of our substantial intangible assets, and risks associated with obtaining governmental approvals and maintaining regulatory compliance for new and existing products. Important risks may be discussed in current and subsequent filings with the SEC. You should not place undue reliance on any forward-looking statements. These statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.
Contact Information:
Investor Relations
941-556-2601
investor-relations@ropertech.com
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