Idex Corporation (NYSE:IEX) announced that it has entered into a definitive agreement to acquire Abel Pumps, L.P., and certain of its affiliates (Abel) from Hillenbrand, Inc. (NYSE: HI) for cash consideration of $103.5 million, before closing adjustments.
Abel designs and manufactures engineered reciprocating positive displacement pumps for a variety of end markets, including mining, marine, power, water, wastewater and other general industries. The company’s diaphragm and high-pressure piston pumps serve harsh, demanding applications involving abrasive or corrosive substances and fluids with high solids content.
“The acquisition of Abel will provide a complementary addition to the well-established expertise Idex holds in pump manufacturing,” Idex Chief Executive Officer and President Eric Ashleman said. “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.”
Abel’s administration office and manufacturing plant are in Büchen, Germany, with sales and service locations in Madrid and Pittsburgh. With annual sales of approximately $34 million, Abel will join Idex’s Fluid and Metering Technologies segment.
The transaction is expected to close in the first quarter of 2021, subject to regulatory approvals and customary closing conditions.