LAKE FOREST, Ill., Nov 01, 2010 - IDEX Corporation(NYSE: IEX) today announced the acquisition of The Fitzpatrick Company, a global leader in the design and manufacture of process technologies for the pharmaceutical, food and personal care markets. Fitzpatrick designs and manufactures customized size reduction, roll compaction and drying systems to support their customers' product development and manufacturing processes. Fitzpatrick will expand the capability of IDEX's QUADRO Engineering by adding coarse particle sizing, roll compaction and drying systems to QUADRO's fine particle processing.
Headquartered in Elmhurst, Illinois, The Fitzpatrick Company has annual revenues of approximately $22 million. Fitzpatrick will operate as a stand-alone business within the Fluid and Metering segment and Chemical Food & Pharmaceutical Group. With a cash consideration of approximately $20 million, Fitzpatrick is expected to be accretive to IDEX's earnings in 2011.
Commenting on the acquisition, IDEX Chairman and Chief Executive Officer Larry Kingsley stated, "We are extremely pleased with Fitzpatrick's decision to become part of IDEX. Fitzpatrick's strong emphasis on research and development and focus on customized solutions for particle sizing applications adds critical enabling technology to a key operating segment. Fitzpatrick is a recognized leader in an increasingly crucial process segment. We expect to see significant collaboration with QUADRO Engineering and we expect the combination will take advantage of the numerous growth opportunities in pharmaceuticals in the BRIC regions. Clearly, the addition of Fitzpatrick to IDEX will continue to make the Chemical, Food and Pharma group of FMT more competitive and drive innovation and growth throughout the segment."
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 more information, please contact:
Quadro Engineering Corp.
613 Colby Drive
Ontario N2V 1A1
Telephone: (519) 884-9660
Fax: (519) 884-0253