IDEX To Buy AWG For €46.0 million

IDEX CORPORATION IEX revealed Monday that its subsidiary, LUKAS Hydraulik GmbH, has reached a definitive agreement to buy AWG Fittings GmbH ("AWG") for a cash consideration of €46.0 million. The acquired firm is a leader in manufacturing of safety equipment in the Europe. The company expects the transaction to close in about 45 days, subject to regulatory approvals and customary closing conditions.

Talking about the transaction, IDEX Chairman and Chief Executive Officer, Andy Silvernail, commented, "We are pleased to announce the AWG transaction, and look forward to welcoming them to the IDEX family. AWG brings excellent brands and products to our expanding Fire Suppression platform. This addition, coupled with our recent acquisition of Akron Brass, further supports our global customers with best in class life safety and fire suppression solutions."

IDEX said AWG produces engineered products for the safety and emergency response markets, including valves, monitors and nozzles, operating under the AWG, Alco, ZR, and Lancier brand names. The German-based firm generated about €36 million revenue for the year 2015. The company said that it would operate within its Fire and Safety/Diversified products division.

The stock traded 1.38 percent higher on Monday.