IDEX Corporation announced that LUKAS Hydraulik GmbH, a subsidiary of IDEX, has entered into a definitive agreement to acquire AWG Fittings GmbH, a European leader in the manufacturing of safety equipment, for a cash consideration of €46.0 million.
AWG produces engineered products for the safety and emergency response markets, including valves, monitors and nozzles, operating under the AWG, Alco, ZR, and Lancier brand names.
Located in Ballendorf, Germany, AWG had revenues of approximately €36 million for the year ended December 31, 2015, and will operate within the IDEX Fire and Safety/Diversified Products Segment. The transaction is expected to close in approximately 45 days, subject to regulatory approvals and customary closing conditions.
Commenting on the transaction, IDEX Chairman and Chief Executive Officer, Andy Silvernail stated, “We are pleased to announce the AWG transaction, and look forward to welcoming them to the IDEX family. AWG brings excellent brands and products to our expanding Fire Suppression platform. This addition, coupled with our recent acquisition of Akron Brass, further supports our global customers with best in class life safety and fire suppression solutions.”
Source: Street Insider
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