Matcon acquired by Idex for £24m
Matcon, a powder handling stalwart best known for its cone valve powder discharge system, has been acquired by the acquisitive Idex Corporation of Illinois in the USA.
Matcon provides material processing solutions for high value powders used in the manufacture of pharmaceuticals, food, plastics and fine chemicals.
Besides the cone valve, it supplies filling, mixing and packaging systems, all of which support its customers’ automation and process requirements.
Matcon, with annual turnover of around £22m, is located in Worcestershire in England and has been active in the fast growing food and pharmaceutical markets in Asia.
Post-acquisition, Matcon will operate within Idex’s health and science technologies segment in the materials processing technologies platform.
The purchase price of £24m might increase if Matcon hits profit targets for 2012 and 2013.
Commenting on the acquisition, Idex chairman and chief executive officer Andrew Silvernail stated, “Matcon is a perfect fit and will join Quadro Engineering, Fitzpatrick and Microfluidics in one of our fastest growing market segments.
“Matcon provides not only key technologies, such as their cone valve, but also increases the visibility of sales opportunities throughout our material processing technologies platform.
“We look forward to significant collaboration as we seek to obtain greater velocity in our geographic expansion strategy, capitalizing on Matcon’s very strong presence in the growing Asian food and pharmaceutical markets.”
Idex Corporation is an “applied solutions company” specializing in fluid and metering technologies, health and science technologies, and fire safety.
Charles Lee, Matcon’s managing director said “We are very excited by the opportunity to become part of the Idex global family of companies. Through the material processing technology (MPT) group we see tremendous opportunities to expand our offering of lean powders handling solutions to our customers around the world by combining Idex’s considerable process applications expertise, product portfolio and global footprint with Matcon’s project engineering and powders handling know-how and technology.”