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.”
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”.
Source: IDEX Corporation