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Hillenbrand Divests Another Subsidiary
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Hillenbrand divests another subsidiary
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Idex closes acquisition of Abel Pumps 16 March 2021
Abel designs and manufactures highly engineered reciprocating positive displacement pumps for end markets including mining, marine, power, water, wastewater and other general industries. The company’s diaphragm and high-pressure piston pumps serve harsh, demanding applications involving abrasive or corrosive substances and fluids with high solids content.
Abel has an administration office and manufacturing plant in Büchen, Germany, and sales and service locations in Madrid, Spain and Pittsburgh, USA.
“We welcome Abel and its employees worldwide to the Idex family of businesses. We look forward to their expertise complementing the longstanding strength Idex has in pump and valve manufacturing,” said Idex CEO and president Eric Ashleman.
IDEX Corporation Completes Acquisition of Abel Pumps, L P
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Hillenbrand Completes Sale of ABEL Pumps to IDEX Corporation
- ABEL divestiture further streamlines portfolio and completes exit of flow control businesses
- Enables greater focus on platform businesses and growth opportunities
- Proceeds to be used to reduce leverage and reinvest in the business
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BATESVILLE, Ind., March 11, 2021 /PRNewswire/ Hillenbrand, Inc. (NYSE: HI) announced today that it has completed the sale of Abel Pumps, L.P., and certain of its affiliates (ABEL) to IDEX Corporation (NYSE: IEX). The sale closed in accordance with the terms of the Share and Interest Purchase and Transfer Agreement with IDEX that was announced on January 11, 2021, resulting in cash proceeds to Hillenbrand of approximately $103.5 million.