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IDEX ENTERS PRELIMINARY AGREEMENT TO PURCHASE ASSETS OF THE DEVJO PUMP GROUP

 IDEX ENTERS PRELIMINARY AGREEMENT TO
 PURCHASE ASSETS OF THE DEVJO PUMP GROUP
 NORTHBROOK, Ill., Nov. 27 /PRNewswire/ -- Donald N. Boyce, chairman and president of IDEX Corp., and Joseph A. Devine, chairman and chief executive officer of Devjo Industries Inc. today announced that the two companies have entered into a preliminary agreement for IDEX to purchase the operating assets of the Pump Group of Devjo Industries Inc., which include Atlas Engineering and Machine Company, Limited of Toronto, Ontario; Western Pump & Machinery Ltd. in Calgary, Alberta; and Viking Pump of Canada, in Windsor, Ontario. Atlas and Western are distributors of various types of pumps and related equipment, while Viking is a manufacturer of positive displacement pumps, principally serving the Canadian market.
 It is expected that the transaction, which is subject to certain conditions, will be completed within 60 days. The aggregate transaction price for the Pump Group business is approximately $9-1/2 million (Canadian dollars). IDEX said that the Devjo Pump Group was a logical addition to its Fluid Handling Group.
 Devjo Industries Inc. (TSE: DEV) is a diversified manufacturer of mechanical engineered products, including pumps, alloy pipeline fittings, elastomeric products and specialty chemicals and adhesives.
 IDEX Corp. (NYSE: IEX) is a manufacturer of a wide array of proprietary, highly engineered industrial products, including pumps, stainless steel banding and clamping devices, sheet metal fabricating equipment and tooling, automatic lubrication systems, and vibration control equipment. Its products are sold to a broad range of markets, the largest of which are the chemical processing, transportation equipment, food processing, pulp and paper, and oil refining industries.
 Additional information can be obtained on IDEX Corp., via FAX, no cost -- Dial 1-800-PRO-INFO, code 087.
 -0- 11/27/91
 /CONTACT: Wayne P. Sayatovic, vice president & treasurer of IDEX,


708-498-7070; or Joseph A. Devine, chairman & CEO of Devjo Industries, 416-477-7689; or Nick Farina or Audrey Lowe, 312-266-7800, Lillian Armstrong, 415-986-1591, or Scott Snyderman, 212-661-8030, all of the Financial Relations Board for IDEX/
 (IEX DEV.) CO: IDEX Corp.; Devjo Industries Inc. ST: Illinois IN: SU: TNM


JT -- NY041 -- 7803 11/27/91 14:42 EST
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Publication:PR Newswire
Date:Nov 27, 1991
Words:345
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