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IDEX Corp. Acquires The Fitzpatrick Co.

IDEX Corp. has announced the acquisition of The Fitzpatrick Co., a global leader in the design and manufacture of process technologies for the pharmaceutical, food, and personal care markets. Fitzpatrick designs and manufactures customized size reduction, roll compaction, and drying systems to support its customers' product development and manufacturing processes. Fitzpatrick will expand the capability of IDEX's Quadro Engineering by adding coarse particle sizing, roll compaction, and drying systems to Quadro's fine particle processing.

Headquartered in Elmhurst, IL, Fitzpatrick has annual revenues of approximately $22 million. Fitzpatrick will operate as a stand-alone business within the Fluid and Metering segment and Chemical Food & Pharmaceutical Group. With a cash consideration of approximately $20 million, Fitzpatrick is expected to be accretive to IDEX's earnings in 2011.

Commenting on the acquisition, IDEX chairman and chief executive officer Larry Kingsley said, "We are extremely pleased with Fitzpatrick's decision to become part of IDEX. Fitzpatrick's strong emphasis on research and development and focus on customized solutions for particle sizing applications adds critical enabling technology to a key operating segment. Fitzpatrick is a recognized leader in an increasingly crucial process segment. We expect to see significant collaboration with Quadro Engineering and we expect the combination will take advantage of the numerous growth opportunities in pharmaceuticals in the BRIC regions. Clearly, the addition of Fitzpatrick to IDEX will continue to make the Chemical, Food and Pharma group of FMT more competitive and drive innovation and growth throughout the segment."

IDEX Corp. is an applied solutions company specializing in fluid and metering technologies, health and science technologies, dispensing equipment, and fire, safety, and other diversified products built to its customers' exacting specifications. Its products are sold in niche markets to a wide range of industries throughout the world. For more information, visit www.quadro.com.

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