IDEX Corp. to acquire Abel Pumps

NORTHBROOK - IDEX Corp. Monday said it has entered into a definitive agreement to acquire Abel Pumps LP, and certain of its affiliates, from Hillenbrand Inc. for cash consideration of $103.5 million.

Abel designs and manufactures reciprocating positive displacement pumps for a variety of end markets, including mining, marine, power, water, wastewater and other general industries. Abel's administration office and manufacturing plant are in Büchen, Germany, with sales and service locations in Madrid and Pittsburgh.

"The acquisition of Abel will provide a complementary addition to the well-established expertise IDEX holds in pump manufacturing," said Eric Ashleman, IDEX chief executive officer and president.

With annual sales of approximately $34 million, Abel will join IDEX's Fluid and Metering Technologies segment.