On Tuesday, Industrial equipment maker IDEX Corporation (NYSE: IEX) said it would acquire filtration products maker Mott Corp for $1 billion in cash as it looks to bolster its presence in the medical technologies industry.
Founded in 1959, Mott makes machinery and devices used in industries such as pharmaceuticals, biotechnology, and chemical manufacturing.
The company would join IDEX’s health and science technologies segment, which makes scientific components and laboratory equipment.
Sales in the segment, which contributed about 40% of IDEX’s total sales in 2023, had fallen 41% in the first quarter.
Northbrook, Illinois-based IDEX Corporation (NYSE: IEX) manufactures and provides industrial equipment and services for diversified markets, including the agricultural, semiconductor, and food sectors.
The deal, expected to close by the end of the third quarter of 2024, would also bolster IDEX’s presence across semiconductor wafer fab equipment, space and defense, and water purification industries, among others.
The transaction will be funded through a combination of cash on hand, borrowings from IDEX’s current credit facility, and potential debt issuance.
(Source: Reuters)
Mary Lee is a freelance writer and journalist based in Toronto, Canada. She holds an M.S. degree in business and economic journalism from Columbia University’s Graduate School of Journalism in New York and a certificate in digital marketing from the University of Toronto.
