Industrial pump maker IDEX Corp to buy Mott Corp for $1 billion

(Reuters) – Industrial pump maker IDEX (NYSE:) Corp said on Tuesday it would buy filtration products maker Mott Corp for $1 billion in cash.

The transaction will be funded through a combination of cash on hand, borrowings from IDEX’s current credit facility and potential debt issuance.

Mott will join IDEX’s health and science technologies segment, IDEX said.

The deal is expected to close by the end of the third quarter of 2024.