NORTHBROOK, Ill.–(BUSINESS WIRE)–IDEX Corporation (NYSE:IEX) at this time introduced that it has entered right into a definitive settlement to purchase KZ CO. (“KZValve”), a number one producer of electrical valves and controllers used primarily within the agriculture market.
Founded in 1976, KZValve is acknowledged as an progressive supplier of excessive worth agricultural parts which are designed to function in harsh environments to help trendy farming operations. The firm creates and manufactures a wide range of precision farming parts together with waterproof motorized valves, manifolds, controllers and different equipment. Besides agriculture, the corporate serves different segments together with water filtration, de-icing and anti-icing, and emergency hearth companies. KZValve employs about 100 individuals.
The acquisition of KZValve will increase and additional develop IDEX’s agricultural product portfolio, complementing Banjo Corporation’s present fluid administration options for this market. KZValve will turn out to be a part of the agriculture group inside IDEX’s Fluid & Metering Technologies (FMT) section. This transaction is a part of IDEX’s continued technique to put money into core companies with secular development tailwinds whereas investigating close to adjacencies.
“Adding KZValve to the IDEX family of companies will extend our expertise in providing OEMs with critical solutions for agriculture and industrial applications, opening access to new product opportunities,” IDEX Chief Executive Officer and President Eric Ashleman mentioned. “In our unique structure, companies retain a great deal of autonomy, while benefitting from the resources and operating model at IDEX. KZValve is a high-quality addition to our portfolio of businesses, with strong customer relationships and differentiated products that will continue building our innovative presence in the agriculture industry.”
Headquartered in Greenwood, Nebraska, KZValve is anticipated to have gross sales of roughly $28.0 million in FY2022. The transaction is anticipated to shut within the second quarter of FY2022, topic to regulatory approvals and customary closing situations.
IDEX (NYSE: IEX) makes 1000’s of merchandise and mission-critical parts that enhance on a regular basis life throughout you. If you get pleasure from chocolate, it fairly presumably handed by a Viking® inner gear pump on the sweet manufacturing unit. If you have been ever in a automobile accident, emergency employees might have used the Hurst Jaws of Life® rescue software to save your life. If your physician ordered a DNA check to predict your threat of illness or decide a course of remedy, it’s seemingly the lab used tools containing parts made by IDEX Health & Science. Founded in 1988 with three small, entrepreneurial manufacturing firms, we’re proud to say that we now name over 45 various companies all over the world a part of the IDEX household. With greater than 7,500 workers and manufacturing operations in additional than 20 international locations, IDEX is a high-performing, world firm with practically $2.8 billion in annual gross sales, dedicated to making trusted options that enhance lives. IDEX shares are traded on the New York Stock Exchange beneath the image “IEX”.
For additional info on IDEX Corporation and its enterprise models, go to the corporate’s web site at www.idexcorp.com.