IDEX Corporation (NYSE:IEX; Lake Forest, IL, USA) has entered into a definitive agreement to acquireCVI Melles Griot (Albuquerque, NM, USA) from Norwest Equity Partners, a middle market equity investment firm. CVI designs and manufactures precision optical solutions used in the life sciences, research, semiconductor, security, and defense markets. CVI's products include specialty lasers and light sources, electro-optical components, opto-mechanical assemblies, including aspheric lenses, laser mirrors, interference filters, and polarizers.
CVI has annual revenues of approximately $185 million and will now operate within IDEX's Health and Science Technologies segment as an addition to the optics and photonics platform. With cash consideration of approximately $400 million, CVI is expected to be accretive to IDEX's earnings within the first full year after acquisition.
IDEX Chairman and Chief Executive Officer Larry Kingsley stated, "We are thrilled with the opportunity to add CVI to IDEX as the cornerstone to our rapidly expanding optics and photonics platform. CVI will now join ATFilms, acquired earlier this year, and Semrock, acquired in 2008 as part of our optics and photonics platform. We look forward to significant collaboration in key areas of product design and production capabilities as we realize strategic selling and operating synergies.
The transaction is subject to regulatory approval and other customary conditions and is expected to close within 30 to 45 days.IDEX specializes in fluid and metering technologies, health and science technologies, dispensing equipment, and fire, safety, and other diversified products.
SOURCE:IDEX
Posted byVision Systems Design