Subsequent Events

9 Months Ended

Sep. 30, 2022

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On October 3, 2022, the Company acquired Dosatron International L.L.C. and Dilution Solutions L.L.C. (collectively, “Dosatron International”) for a base purchase price of $90 million with additional contingent consideration of up to $15 million. The business is a leading technology solutions provider of water powered dosing pumps and systems in North America, with an established presence in attractive end markets including hydroponics, horticulture, animal health, food safety and sanitation, and water treatment. Dosatron International will be reported within the Precision and Science Technologies segment.

On October 6, 2022, the Company entered into an agreement to acquire SPX FLOW’s Air Treatment business for approximately $525 million. The business is a leading manufacturer of reliable and energy efficient desiccant and refrigerated dryers, filtration systems and purifiers for dehydration in compressed air. This transaction is expected to close late in the fourth quarter of 2022 or early in the first quarter of 2023, subject to regulatory approvals and customary closing conditions. Upon closing, the Air Treatment business will be reported within the Industrial Technologies and Services segment.

On October 25, 2022, the Company entered into an agreement to acquire Everest Blowers Private Limited and Everest Blower Systems Private Limited (collectively, “Everest Group”) for an all-cash upfront purchase price of approximately $72 million with additional potential consideration based on achievement of financial targets of up to approximately $17 million. Everest Group is a leading domestic manufacturer of blowers and vacuum systems in India. This transaction is expected to close in the fourth quarter of 2022, subject to regulatory approvals and customary closing conditions. Upon closing, Everest Group will be reported within the Industrial Technologies and Services segment.