IDEX Corporation Acquires Advanced Thin Films, LLC
LAKE FOREST, Ill., Jan 20, 2011 (BUSINESS WIRE) -- IDEX Corporation (NYSE: IEX) today announced that it has entered into a definitive agreement to purchase Advanced Thin Films, LLC (ATFilms). ATFilms, with approximately $9 million in revenue, specializes in optical components and coatings for applications in the fields of scientific research, defense, aerospace, telecommunications and electronics manufacturing. ATFilms' core competence is in the design and manufacture of filters, splitters, reflectors and mirrors with the precise physical properties required to support their customers' most challenging and cutting-edge optical applications.
Headquartered in Boulder, Colorado, ATFilms will operate within IDEX's Health and Science Technologies segment as a part of the IDEX optical products platform. AT Films will be acquired for cash consideration of $32 million and is expected, inclusive of all potential earn-out, to be accretive to earnings in 2011. The acquisition is expected to close by the end of the month pending the discharge of indebtedness of the company.
Commenting on the acquisition, IDEX Chairman and Chief Executive Officer Larry Kingsley stated, "We are delighted with the opportunity to continue the expansion of our optical platform with the acquisition of ATFilms. ATFilms is a recognized leader in the design and manufacture of optical componentry. By producing custom products, which have both excellent spectral performance and environmental stability and durability, ATFilms has built a reputation as a critical supplier to a significant number of leading edge customers. ATFilms will now join Semrock, acquired in 2008, as a part of our optical products platform within our Health and Science segment, and we look forward to significant collaboration on key areas of product development and optics design."
IDEX Corporation is an applied solutions company specializing in fluid and metering technologies, health and science technologies, dispensing equipment, and fire, safety and other diversified products built to its customers' exacting specifications. Its products are sold in niche markets to a wide range of industries throughout the world. IDEX shares are traded on the New York Stock Exchange and Chicago Stock Exchange under the symbol "IEX".
For further information on IDEX Corporation and its business units, visit the company's Web site at http://www.idexcorp.com/.
SOURCE: IDEX Corporation
Heath Mitts, (847) 498-7070
Vice President - Corporate Finance