Lake Forest, Ill.-based IDEX Corp. (IEX +5.83%) has bought U.K.-based FTL Seals Technology for $36.2 million, Idex announced this morning.
IDEX Chief Executive Officer Andrew Silvernail praised the quality of FTL's "highly engineered sealing solutions," and said the company will do well once "married" with Precision Polymer Engineering, which IDEX acquired in April 2010. IDEX develops fluid and metering technologies.
Privately held FTL does an estimated $13.9 million in annual sales, according to S&P Capital IQ. This would suggest IDEX paid 2.6 times sales for its acquisition -- a small premium to IDEX's own shares' valuation of 2.2 times sales. Shareholders have bid up IDEX shares 1.4% as of this writing on a down day for the market. IDEX shares currently sell for $53.05.
