IDEX Corporation has announced the acquisition of FTL Seals Technology Limited (‘FTL’), a leader in the design and application of high integrity rotary seals, specialty bearings, and other custom products for the oil & gas, mining, power generation, and marine markets.
FTL, which is located in Leeds England, has annual revenues of approximately £15 million. It will operate alongside Precision Polymer Engineering (‘PPE’) and together these businesses will form the newly-created IDEX Sealing Solutions Platform.
Commenting on the acquisition, Managing Director of PPE, Paul Gillyon stated, “I am delighted with FTL’s decision to become part of IDEX. FTL creates value for their customers by focusing their superior applications knowledge on the design of highly engineered sealing and bearing solutions for their customers. Aligning this with PPE’s tremendous knowledge of elastomer material science and manufacturing is a winning combination. Industrial customers around the world with difficult application problems to solve, will benefit from the combined experience and expertise of the two companies”.
Steve Smith, Managing Director of FTL commented, “being a part of a global company such as IDEX will enable FTL to move to the next level in serving customers around the world. Within FTL we already have unparalleled engineering design expertise and success in solving the most challenging problems for our customers. These new business relationships with PPE and IDEX will allow our team to achieve even more success particularly in export markets”.
