IDEX acquires Matcon Group

Applied solutions company IDEX has acquired Matcon Group, which offers material processing solutions for high-value powders used in the manufacture of pharmaceutical, food, plastics and fine chemicals.

Matcon is based in Worcestershire in England, but has sales offices throughout the world. It has a strong focus on the fast-growing food and pharmaceuticals markets in Asia and has an annual revenue of approximately £22 million.

IDEX will incorporate Matcon into its Health and Science Technologies segment in the Materials Processing Technologies platform. IDEX expects Matcon to be accretive to its earnings within the first full year after acquisition.

IDEX will pay cash consideration of around £24 million upon close of the acquisition, with the potential to obtain additional performance-based consideration contingent upon 2012 and 2013 financial results.

“We are extremely pleased with the opportunity to add Matcon to the Material Processing Technologies platform of our Health and Science Technologies Segment,” said IDEX Chairperson and CEO Andrew Silvernail. “Matcon is a perfect fit for the platform and will join Quadro Engineering, Fitzpatrick and Microfluidics in one of our fastest growing market segments.

“Matcon provides not only key technologies, such as their cone valve, but also increases the visibility of sales opportunities throughout our Material Processing Technologies platform. We look forward to significant collaboration as we seek to obtain greater velocity in our geographic expansion strategy, capitalising on Matcon’s very strong presence in the growing Asian food and pharmaceutical markets.

“Matcon provides IDEX Health and Science a unique opportunity to strengthen our product offering for current customers as well as providing access to new and influential market participants,” Silvernail concluded.