Idex Corp has entered into a definitive agreement to acquire Abel Pumps LP from Hillenbrand Inc for US$103.5 million in cash.
Abel designs and manufactures highly engineered reciprocating positive displacement pumps for end markets including mining, marine, power, water, wastewater and other general industries. The company, which was acquired by Hillenbrand in 2015 from Roper Technologies, has annual sales of approximately US$34 million.
Abel’s administration office and manufacturing plant are in Büchen, Germany, with sales and service locations in Madrid, Spain and Pittsburgh, USA.
Abel will join Idex’s Fluid and Metering Technologies segment. Fluid and Metering Technologies is already home to a number of pump companies including Banjo, Corken, Godiva, Hale Products, Micropump, OBL, Pulsafeeder, Richter Chemie-Technik, Trebor, Viking Pump, Warren Rupp and Wright Flow Technologies.
“The acquisition of Abel will provide a complementary addition to the well-established expertise Idex holds in pump manufacturing,” said Eric Ashleman, Idex CEO and president. “We foresee Abel benefitting from joining a company with broad knowledge in pumps and valves and a focus on solving our customers’ toughest fluids challenges.”
The acquisition is expected to be completed in the first quarter of 2021.