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Non-Tech : IDEX Corporation (IEX)

IEX 170.36

-1.6%

Oct 30 3:59 PM EDT

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From: JakeStraw	10/14/2008 8:48:45 AM
	of 14

IDEX Corporation Acquires iPEK Spezial-TV biz.yahoo.com Tuesday October 14, 8:31 am ET NORTHBROOK, Ill.--(BUSINESS WIRE)--IDEX Corporation (NYSE:IEX) today announced the acquisition of iPEK Spezial-TV, a leading provider of systems focused on infrastructure analysis, specifically waste water collection systems. iPEK, renowned for its quality and versatility, is a leading developer of remote controlled systems for infrastructure inspection. Headquartered in Hirschegg, Austria, iPEK has annual revenues of approximately 18 million euro ($25 million USD). iPEK will be operated within IDEX’s Fluid and Metering Technologies segment and is expected to leverage the ADS Environmental Services (‘ADS”) acquisition which closed in January. With a cash consideration of approximately 31 million euro ($43 million USD), iPEK is expected to be accretive to IDEX's earnings in 2009. Commenting on the acquisition, IDEX segment President Kevin Hostetler stated, “We are extremely pleased with iPEK’s decision to become part of IDEX. iPEK is a recognized leader in the growing field of waste water management. iPEK’s expertise in designing and manufacturing state of the art cameras and remote control systems for infrastructure inspection enables the continued enhancement of our market-based water platform within the Fluid and Metering Technologies segment. The acquisition of iPEK dovetails well with the products and services provided by ADS and continues to expand the range and breadth of product we can offer this critical market segment.”

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