IDEX Corporation has entered into a definitive agreement to acquire Flow Management Devices LLC (Flow MD), for cash consideration of £95.5 million before closing adjustments, it announced in a statement.
Flow MD is a privately-held provider of flow measurement systems that ensure custody transfer accuracy in the oil and gas industry. It engineers and manufactures technically-differentiated unidirectional captive displacement provers, (also called small volume provers).
The company (which has annual sales of approximately £46 million), will join IDEX’s energy group, to complement the pump and metering systems produced by fellow IDEX companies SAMPI, Toptech Systems, Liquid Controls and Corken.
IDEX Chairman and CEO Andy Silvernail said: “Adding Flow MD to the IDEX family of businesses will extend our expertise in providing highly-engineered solutions to energy customers, including refineries, chemical manufacturers and pipeline operators.”
For more information visit www.idexcorp.com