IDEX pays £24m to acquire Matcon Group
Will accelerate expansion in Asian markets
IDEX Corporation, a US-based fluid and metering technologies specialist, has acquired Matcon Group for £24m to accelerate its geographic expansion into Asian markets.
Matcon, based in Evesham, Worcestershire, UK, is a leader in 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. The firm has a global customer base with a strong emphasis on the fast growing food and pharmaceutical markets in Asia.
With annual revenues of approximately £22m, Matcon will operate within IDEX’s Health and Science Technologies segment in the Materials Processing Technologies platform.
The transaction is expected to enhance IDEX’s earnings within the first full year after acquisition.
Andrew Silvernail, chairman and chief executive of IDEX, said: ‘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.’
‘Matcon provides IDEX Health and Science with a unique opportunity to strengthen our product offering for current customers as well as providing access to new and influential market participants.’