IDEX Corp. to acquire Airtech for $470 million

NORTHBROOK - IDEX Corp. said it has agreed to acquire Airtech Group Inc., US Valve Corp. and related entities from investment funds managed by EagleTree Capital for cash consideration of $470 million, subject to customary post-closing adjustments.

Airtech designs and manufactures a wide range of highly engineered pressure technology products, including vacuum pumps, regenerative blowers, compressor systems and valves. It serves clients globally, with operations in the United States, Europe and Asia.

Airtech's headquarters office and largest manufacturing facility are in Rutherford, New Jersey.

"The acquisition of Airtech expands our expertise in specialized, high-performing air moving technologies, increasing our ability to serve customers' needs," said Eric Ashleman, IDEX chief executive officer and president.

IDEX, founded in 1988 with three small, entrepreneurial manufacturing companies, now owns 40 diverse businesses around the world with 7,000 employees and manufacturing operations in more than 20 countries.