IDEX Corporation is acquiring Akron Brass Holding Corp., parent company of school bus lighting and electronics manufacturer Weldon, for $224.2 million.
The deal is subject to customary adjustments, the company reported, and the sale is expected to close in 60 days. Akron Brass will operate within IDEX’s Fire and Safety/Diversified Products segment.
Messages left Monday with representatives of IDEX and Akron Brass representative had yet to be returned at this report, as both companies were closed for the holiday. But in a statement, IDEX Chairman and CEO Andy Silvernail said the company was especially attracted to Akron Brass’ fire safety products.
Akron Brass’ 12-month revenue ending Dec. 31 of last year was $120 million. IDEX annual revenues exceed $2 billion.
IDEX Corporation is traded on the New York Stock Exchange and Chicago Stock Exchange under the symbol IEX. It closed Friday at $71.76 a share, up 1.26 percent. Markets were closed Monday.
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