IDEX Corporation, completed its previously-announced acquisition of STC Material Solutions, an integrated provider of advanced material science solutions.
STC specializes in the design and manufacturing of technical ceramics and hermetic sealing products for the most extreme, mission critical applications. The company has relationships with leading manufacturers in the semiconductor, aerospace and defense, industrial technology, medical technology, and energy sectors. Headquartered in St. Albans, Vermont, STC also has operations in Santa Ana, California.
“STC Material Solutions fits our growth strategy well, with strong IDEX qualities, including great teams with technical and domain expertise who develop and build highly-engineered products that command a premium,” IDEX Chief Executive Officer and President Eric Ashleman said. “STC expands our growing material science expertise, affording opportunities to collaborate with other IDEX critical components businesses on comprehensive solution sets for customers.”
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IDEX continues to put its strong balance sheet to work, prioritizing the identification and completion of high-quality acquisitions focused on expanding our expertise into dynamic markets that support our future vision and growth strategy.
IDEX purchased STC from Artemis for cash consideration of $206 million USD, subject to customary post-closing adjustments. IDEX funded the acquisition using cash on hand and proceeds from its revolving credit facility. STC will be included in the Health & Science Technologies (HST) segment.
IDEX Corporation makes thousands of products and mission-critical components that improve everyday life all around you. If you enjoy chocolate, it quite possibly passed through a Viking® internal gear pump at the candy factory. If you were ever in a car accident, emergency workers may have used the Hurst Jaws of Life® rescue tool to save your life. If your doctor ordered a DNA test to predict your risk of disease or determine a course of treatment, the lab may have used equipment containing components made by IDEX Health & Science.
SOURCE : BusinessWire