Fluid and metering technologies company IDEX Corporation has acquired Matcon Group Ltd., a provider of material processing solutions for high-value powders used in the manufacture of pharmaceuticals, food, plastics, and fine chemicals.
Matcon”s products include the original cone valve powder discharge system and filling, mixing and packaging systems, designed for automation and process requirements.
Located in Evesham, Worcestershire, England, with sales offices throughout the world, Matcon has a global customer base with a strong emphasis on the fast growing food and pharmaceutical markets in Asia.
With annual revenues of approximately £22 million, Matcon will operate within IDEX”s Health and Science Technologies segment in the Materials Processing Technologies platform. With cash consideration of approximately £24 million paid upon close and the potential to obtain additional performance-based consideration contingent upon 2012 and 2013 financial results, Matcon is expected to be accretive to IDEX”s earnings within the first full year after acquisition.
As part of the Material Processing Technologies platform, Matcon will join Quadro Engineering, Fitzpatrick and Microfluidics in the Health and Science Technologies segment, which the company considers one of its fastest growing market segments.