Idex Acquires Matcon
LAKE FOREST, Ill., July 23, 2012 — Idex Corp. has acquired Matcon Group Ltd. of Evesham, England, a supplier of materials processing solutions for high-value powders used in food, pharmaceuticals, plastics and fine-chemicals manufacturing.
Matcon’s products include the original cone valve powder discharge system and filling, mixing and packaging systems, all of which maintain clean, reliable and repeatable formulations of prepackaged foods and pharmaceuticals for lean, agile manufacturing.
With annual revenues of approximately £22 million (about $34.2 million), Matcon will operate within Idex’s Health and Science Technologies Div. in the materials processing technologies platform. The company, which has cash considerations of about £24 million paid upon close and the potential to obtain additional performance-based consideration contingent upon 2012 and 2013 financial results, is expected to be accretive to Idex’s earnings within the first full year after acquisition.
“Matcon is a perfect fit for the platform and will join Quadro Engineering, Fitzpatrick and Microfluidics in one of our fastest-growing market segments,” said Idex Chairman and CEO Andrew Silvernail.
For more information, visit: www.idexcorp.com
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