Farmington-based advanced manufacturer Mott Corp. has agreed to be acquired by publicly traded IDEX Corp. for $1 billion, according to an announcement Tuesday afternoon.
Mott, founded in 1959, designs and manufacturers highly engineered filtration systems used in the aerospace, clean energy and electric vehicles industries.
It has more than 500 employees and is expected to generate about $200 million in revenue this year, according to the announcement.
IDEX, based in Northbrook, Illinois, designs and builds precision components used in microchips and other products.
Mott will become part of IDEX’s Health and Science Technologies segment.
The deal will be funded through cash, borrowings from IDEX’s current credit facility and potential debt issuance, the companies said. It’s expected to close by the end of this year’s third quarter.
Mott will continue to operate under its own brand, under the leadership of President and CEO Boris Levin.
“When combined with the scale of IDEX, industry-leading positions and deep technological know-how, this will yield meaningful synergies and benefits,” Levin said. “Our culture and capabilities align with IDEX, and our employees will add tremendous value to the company, just as they’ve driven Mott’s growth for generations.”
Mott said it remains committed to previously announced investments in Connecticut. In May, Mott received a $100,000 state matching grant to purchase “additive technologies” aimed at improving operations and driving innovation. As part of the program, Mott agreed to invest an equal or greater amount in the technology.
Last year, Mott announced that it was building a new 65,000-square-foot facility near its Farmington headquarters to double production capacity for its custom-designed engineering business.
In April, it was announced that Mott would receive a $10 million grant from the U.S. Department of Energy to design and produce clean energy technology.
