IDEX CORPORATION (NYSE:IEX) announced today the acquisition of
CIDRA Precision Services, LLC a leader in the design, manufacture and
sale of microfluidic components serving the life science, health and
industrial markets.
Located in Wallingford, CT, CIDRA has revenues of approximately $9
million and will operate in our Scientific Fluidics platform, and as
part of the Health & Science Technologies segment. CIDRA was acquired
for a cash consideration of $19.5 million with an earn-out up to $5.5
million contingent on the achievement of financial objectives in the
12-month period following closing. The transaction is expected to be
accretive to IDEX earnings in the first full year after closing.
Commenting on the acquisition, IDEX Chairman and Chief Executive Officer
Andy Silvernail stated, “CIDRA represents our third acquisition in 2015
and provides a critical building block to our emerging microfluidic and
nanofludics platform. The company’s market leading technology and
product portfolio are a fantastic fit with the IDEX microfluidics growth
strategy. We look forward to CIDRA joining IDEX and we believe the
transaction will accelerate our joint growth prospects in the
microfluidics space.”
About IDEX
IDEX Corporation is an applied solutions company specializing in fluid
and metering technologies, health and science technologies, dispensing
equipment, fire and safety equipment and other diversified products
built to its customers’ exacting specifications. IDEX has annual
revenues in excess of $2 billion annually and sells its products 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”.
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