IEX - IDEX to acquire Abel Pumps for $103.5M

IDEX ([[IEX]] -0.2%) to acquire Abel Pumps and certain of its affiliates from Hillenbrand ([[HI]] -0.7%) for cash consideration of $103.5M.Transaction is expected to close in Q1 2021.ABEL’s annual sales are ~$34M.“The acquisition of ABEL will provide a complementary addition to the well-established expertise IDEX holds in pump manufacturing. We foresee ABEL benefitting from joining a company with broad knowledge in pumps and valves and a focus on solving our customers’ toughest fluids challenges. Our unique decentralized structure gives our business units significant autonomy, while the common IDEX culture and operating model provides the foundation for growth and operational excellence.” IDEX CEO and President.

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IDEX to acquire Abel Pumps for $103.5M