Mott Corp. has agreed to be acquired for $1 billion, but the high-tech manufacturer remains committed to its investments in Connecticut, including a previously-announced expansion into a third location.IDEX Corp, headquartered in Northbrook, IL, announced Tuesday that it would acquire Mott, a Farmington-based maker of precision filtration systems and products for the computer, clean energy, medical technology and space exploration fields.The deal, expected to close in the third quarter of this year, would significantly expand IDEX’s applied material science technologies portfolio. Applied material science is a field that combines science and engineering to study materials and their behavior.Mott now employs more than 500 workers. Last year, the manufacturer committed to hiring another 100 employees.“We’re excited to join an industry leader with a strong record of helping customers solved their toughest problems,” Boris Levin, Mott’s president and chief executive, said, in a statement. “Mott brings applied material science, chemistry and application expertise, an additive and complementary customer base, and a growing pipeline of opportunities.”Mott will continue to operate under its own brand, and Levin will remain at the helm of the company.“The addition of Mott represents an important step in our evolution, as we continue building our differentiated capabilities in applied materials technologies,” Eric D. Ashleman, chief executive and president of IDEX, said, in a release. “Mott brings advanced technical and application expertise that will expand our capabilities in high-value end markets and open new, organic growth opportunities.Mott began in 1959 in a small East Hartford building, and as recently as 2013 had a payroll of less than 100. It now fills roughly 80,000 square feet of space in two Spring Lane buildings, and will be adding 65,000 square feet of manufacturing space when it leases part of the 1690 New Britain Ave.Mott is expected to occupy the additional space later this year.Kenneth R. Gosselin can be reached at kgosselin@courant.com.
Originally Published: July 24, 2024 at 5:15 a.m.
sekar nallalu Breaking News,Business,Connecticut News,Cryptocurrency,CT news,Economy,hartford courant,Health,Local News,News,Science,Uncategorized Major CT manufacturer to be acquired for $1B. It’s adding a large manufacturing space.