IDEX Corporation Continues Strategic Capital Deployment with Agreement to Acquire Iridian Spectral Technologies, a Global Leader in Thin-film Dielectric Optical Filters
26 Abril 2023 - 5:30PM
Business Wire
IDEX Corporation (NYSE:IEX) today announced it has entered into
a definitive agreement to acquire Iridian Spectral Technologies
(“Iridian”) for cash consideration of 150 million Canadian dollars
(“CAD”), subject to customary adjustments. The acquisition
complements existing IDEX optical coating expertise, allowing IDEX
to expand its core capabilities to support current and future
markets.
Iridian is a global leader in designing and manufacturing
thin-film, multi-layer optical filters serving the laser
communications, telecommunications, and life sciences markets. The
purchase is expected to close later this quarter, subject to
customary closing conditions, at which point Iridian will join the
businesses of IDEX Optical Technologies in IDEX’s Health &
Science Technology segment. Iridian will also be a strong partner
in the life science filters business driven by the Semrock team of
IDEX Health & Science.
“This acquisition strongly supports our strategic growth plan,”
IDEX Chief Executive Officer and President Eric Ashleman said. “It
expands our talent, technology and product portfolio in optical
filters, enabling us to better compete in our core markets, and
expand into new markets that we believe will drive profitable
growth.”
Iridian has proven expertise in optical filter design and
production, providing support throughout a product’s lifecycle,
from initial prototyping to high-volume manufacturing. They offer
advanced, proprietary thin-film design deposition and manufacturing
technology of durable, high-performance filter optics.
Iridian has a strong brand reputation and an established, loyal
customer base, which complements the IDEX Optical Technology brands
(CVI Laser Optics, CVI Infrared Optics, and Advanced Thin Films)
along with the IDEX Health & Science, Semrock optical filters
product line.
Privately held and based in Ottawa, Ontario, Canada, Iridian
expects fiscal year 2023 sales of approximately CAD 36 million and
EBITDA margin in the low 30s.
Use of Non-GAAP Financial Information
IDEX prepares its public financial statements in conformity with
accounting principles generally accepted in the United States of
America (GAAP). IDEX supplements certain GAAP financial performance
metrics with non-GAAP financial performance metrics. Management
believes these non-GAAP financial performance metrics provide
investors with greater insight, transparency and a more
comprehensive understanding of the financial information used by
management in its financial and operational decision-making because
certain of these non-GAAP metrics exclude items not reflective of
ongoing operations. Non-GAAP financial performance metrics should
not be considered a substitute for, nor superior to, the financial
data prepared in accordance with GAAP. EBITDA is calculated as net
income plus interest expense plus provision for income taxes plus
depreciation and amortization. EBITDA margin is calculated as
EBITDA divided by net sales.
IDEX has not provided a reconciliation of the expected EBITDA
margin of Iridian for FY 2023 because we are unable to quantify
certain amounts that would be required to be included in Iridian’s
contribution to net income without unreasonable efforts. In
addition, IDEX believes such reconciliation would imply a degree of
precision that would be confusing or misleading to investors.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking” statements within
the meaning of the Private Securities Litigation Reform Act of
1995, as amended. Such forward-looking statements include
statements regarding the expected benefits of the acquisition of
Iridian, the expected impact of the acquisition on IDEX’s product
offerings or proposed product offerings, the enhancement of IDEX’s
business strategy, integration plans, expected growth
opportunities, the projected sales and EBITDA margin of Iridian,
and the expected timing for the closing of the acquisition. These
statements are subject to inherent uncertainties and risks that
could cause actual results to differ materially from those
anticipated at the date of this press release. The risks and
uncertainties include, but are not limited to, the following:
levels of industrial activity and economic conditions in the U.S.
and other countries around the world, including uncertainties in
the financial markets and adverse developments affecting the
financial services industry; pricing pressures, including inflation
and rising interest rates, and other competitive factors and levels
of capital spending in certain industries, all of which could have
a material impact on order rates and IDEX’s results; the impact of
health epidemics and pandemics and terrorist attacks and wars,
including the ongoing conflict between Russia and Ukraine, which
could have an adverse impact on IDEX's business by creating
disruptions in the global supply chain and by potentially having an
adverse impact on the global economy; IDEX’s ability to integrate
Iridian and to acquire, integrate and operate other acquired
businesses on a profitable basis; the relationship of the U.S.
dollar to other currencies and its impact on pricing and cost
competitiveness; political and economic conditions in foreign
countries in which IDEX operates; developments with respect to
trade policy and tariffs; interest rates; capacity utilization and
the effect this has on costs; labor markets; supply chain backlogs,
including risks affecting component availability, labor
inefficiencies and freight logistical challenges; market conditions
and material costs; risks related to environmental, social and
corporate governance issues, including those related to climate
change and sustainability; and developments with respect to
contingencies, such as litigation and environmental matters.
Additional factors that could cause actual results to differ
materially from those reflected in the forward-looking statements
include, but are not limited to, the risks discussed in the “Risk
Factors” section included in IDEX’s most recent annual report on
Form 10-K and IDEX’s subsequent quarterly reports filed with the
Securities and Exchange Commission (“SEC”) and the other risks
discussed in IDEX’s filings with the SEC. The forward-looking
statements included here are only made as of the date of this press
release, and management undertakes no obligation to publicly update
them to reflect subsequent events or circumstances, except as may
be required by law. Investors are cautioned not to rely unduly on
forward-looking statements when evaluating the information
presented here.
About IDEX
IDEX Corporation (NYSE: IEX) makes thousands of products and
mission-critical components that improve everyday life all around
you. If you enjoy chocolate, it quite possibly passed through a
Viking® internal gear pump at the candy factory. If you were ever
in a car accident, emergency workers may have used the Hurst Jaws
of Life® rescue tool to save your life. If your doctor ordered a
DNA test to predict your risk of disease or determine a course of
treatment, the lab may have used equipment containing components
made by IDEX Health & Science. Founded in 1988 with three
small, entrepreneurial manufacturing companies, we’re proud to say
that we now call over 50 diverse businesses around the world part
of the IDEX family. With more than 8,500 employees and
manufacturing operations in more than 20 countries, IDEX is a
high-performing, global company with over $3.1 billion in annual
sales, committed to making trusted solutions that improve lives.
IDEX shares are traded on the New York Stock Exchange under the
symbol “IEX”.
For further information on IDEX Corporation and its business
units, visit IDEX’s website at www.idexcorp.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20230426005950/en/
Investor Contact IDEX Corporation
Allison Lausas Vice President and Chief Accounting Officer +1
847-498-7070 investorrelations@idexcorp.com Media Contact: IDEX Corporation Mark Spencer +1
847-457-3793 mdspencer@idexcorp.com
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