IDEX Acquires Matcon Group, Ltd.
IDEX Corporation (NYSE: IEX) announced today that it has acquired Matcon Group Limited (“Matcon”). Matcon is a global leader in material processing solutions for high value powders used in the manufacture of Pharmaceuticals, Food, Plastics, and Fine Chemicals.
Matcon's innovative products include the original cone valve powder discharge system and filling, mixing and packaging systems, all of which support their customers' automation and process requirements. Matcon's products are critical to their customers' need to maintain clean, reliable and repeatable formulations of prepackaged foods and pharmaceuticals while helping them achieve lean and agile manufacturing. Located in Evesham, Worcestershire, England, with sales offices in key locations throughout the world, Matcon has a global customer base with a strong emphasis on the fast growing food and pharmaceutical markets in Asia. With annual revenues of approximately £22 million, Matcon will operate within IDEX's Health and Science Technologies segment in the Materials Processing Technologies platform. With cash consideration of approximately £24 million paid upon close and the potential to obtain additional performance based consideration contingent upon 2012 and 2013 financial results, Matcon is expected to be accretive to IDEX's earnings within the first full year after acquisition.
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