IDEX Corp., Northbrook, Ill., March 30 announced a definitive agreement to acquire KZ CO. (KZValve), a leading manufacturer of electric valves and controllers used primarily in the agriculture market.
Founded in 1976, KZValve is recognized as an innovative provider of high value agricultural components that are designed to operate in harsh environments to support modern farming operations. The company creates and manufactures a variety of precision farming components including waterproof motorized valves, manifolds, controllers and other accessories. Besides agriculture, the company serves other segments including water filtration, de-icing and anti-icing, and emergency fire services. KZValve employs about 100 people.
The acquisition of KZValve will augment and further expand IDEX’s agricultural product portfolio, complementing Banjo Corporation’s current fluid management solutions for this market. KZValve will become part of the agriculture group within IDEX. This transaction is part of its continued strategy to invest in core businesses with secular growth tailwinds while investigating near adjacencies.
Headquartered in Greenwood, Nebraska, KZValve is expected to have sales of approximately $28 million in FY2022. The transaction is expected to close in the second quarter of FY2022, subject to regulatory approvals and customary closing conditions.
Founded in 1988 with three small, entrepreneurial manufacturing companies, IDEX now claims over 45 diverse businesses with over 7,500 employees and manufacturing operations in more than 20 countries. It had nearly $2.8 billion in annual sales.
Post a comment
Report Abusive Comment