IDEX Corporation Completes Acquisition of Versa-Matic Tool, Inc.
NORTHBROOK, Ill., June 6 /PRNewswire/ -- Dennis K. Williams, chairman, president and chief executive officer of IDEX Corporation, William F. Versaw, founder and president of Versa-Matic Tool, Inc., and Christer Berg, managing director of Eletta International AG (Versa-Matic's principal shareholder) today announced Versa-Matic has been acquired by IDEX.
Also included in this transaction are affiliated entities Dominator Pump AB and Pumper Parts LLC.
Versa-Matic will function as a part of IDEX's Warren
Rupp business unit. Terms of this cash transaction were not disclosed.
Headquartered in Export, Pennsylvania, Versa-Matic has annual sales of
approximately $20 million. It is a leading manufacturer and distributor of
air-operated double diaphragm pumps and pump replacement parts. Its products
are used primarily in the food processing, brewing, pharmaceutical, paint
manufacturing, water treatment, pulp and paper and printing markets.
Williams said, "We are delighted that Versa-Matic has become part of IDEX.
This strategic acquisition will strengthen our position in the air-operated
double diaphragm pump and replacement parts market. We also are very happy
that Bill Versaw will become president of Warren Rupp. Under Bill's proven
leadership, we will leverage the combined strengths of IDEX's air-operated
double diaphragm pump businesses at Warren Rupp, Versa-Matic, Blagdon and
Pumper Parts to provide the best products and services to our distributors and
customers."
Versaw said, "The combination of these great brands and distribution will
give us the best potential to satisfy customers around the world. I'm excited
to head this new organization and to pursue our significant growth
opportunities."
Robert K. Brinley, who recently was named president of Warren Rupp, will
work closely with Versaw during this management transition, and then become
president of Fluid Management-Americas in Wheeling, Illinois, effective
August 1.
Source: IDEX Corporation
