IDEX Corporation to acquire Mott Corporation for $1 billion
US-based IDEX has reached agreement to buy Mott Corporation in a move that will further boost its market share in the applied materials space.
The two firms share plenty of synergies. IDEX Corporation designs and builds a wide variety of electronics and industrial products – from water treatments to optical communication equipment. It posts approximately USD 3.3 billion in annual sales. Meanwhile Mott is a specialist in sintered porous material structures and flow control solutions. Its customers include brands and OEMs in dynamic markets including semiconductor, energy, water, and space.
In a press release IDEX said the transaction is expected to deliver benefits including:
- Expanding the applied material science technologies portfolio across advanced materials, microscale features, precision components, and proprietary production processes.
- New customer relationships
- Adding advanced customisation and system-design capabilities
- Access to new high-value end markets including semiconductor wafer fab equipment, the energy transition and more
- Long-term growth and improved margins
“Mott’s business fits the IDEX sweet spot of highly engineered, configurable mission-critical components focused on scalable select applications. The addition of Mott represents an important step in our evolution, as we continue building our differentiated capabilities in applied materials technologies. Mott brings advanced technical and application expertise that will expand our capabilities in high-value end markets and open new organic growth opportunities. Our focus on driving profitable growth through the enterprise-wide application of 80/20 is expected to yield material benefits,” said Eric D Ashleman, Chief Executive Officer and President of IDEX.
In 2024, Mott is projected to generate approximately USD 200 million of revenue. The deal is expected to close by the end of the third quarter of 2024, subject to regulatory approvals. On completion Mott will join IDEX’s Health & Science Technologies unit.
