IDEX Corporation Enters Into Agreement to Acquire Rheodyne, L.P.
Dennis K. Williams, chairman, president and chief executive officer of IDEX Corporation (NYSE: IEX), and James C. Noonan, president and chief executive officer of Rheodyne, L.P., today announced that IDEX Corporation entered into a definitive agreement to acquire Rheodyne, L.P. Rheodyne becomes IDEX's 12th stand-alone business and will be operated as part of its Pump Products Group. The transaction, subject to certain conditions, is expected to close within the next two weeks. Terms of this cash transaction were not disclosed.
Headquartered in Rohnert Park, California, Rheodyne has annual sales of approximately $23 million. It is a leading manufacturer of injectors, valves, fittings and accessories for the analytical instrumentation market. Rheodyne's products are used by the manufacturers of high performance liquid chromatography (HPLC) equipment serving the pharmaceutical, biotech, life science, food and beverage, and chemical markets.
Williams said, "Rheodyne fits our growth strategy exceptionally well and is an excellent acquisition for IDEX. The combination of Micropump, Ismatec and Rheodyne will allow us to strengthen our position in the higher growth analytical instrument business, and will help us develop new products to serve this market. As the largest manufacturer of HPLC sample injectors in the world, Rheodyne has a strong presence in the analytical instrument business, a well-respected name, and excellent product technology. We recognize the significant contributions that Rheodyne's employees have made to its success, and are pleased that James Noonan will remain active with the business until a successor is named."
Noonan said, "Rheodyne has a great deal in common with several of IDEX's business units. We are pleased to become part of an industry leader in the fluid handling business. We believe the combination of our companies will be good for Rheodyne customers and employees, and will help to accelerate our solid track record of growth."
IDEX Corporation is a manufacturer of proprietary pumps and metering products, dispensing equipment, and other engineered products with leading positions in niche markets. Its products are sold 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."
Further information on IDEX Corporation and Rheodyne can be found at these
Web sites: www.idexcorp.com and www.rheodyne.com .
Source: IDEX Corporation