Roper Industries to Buy Neptune Technology Group

Roper Industries Inc., a maker of engineered products such as industrial valves and measurement components, announced yesterday it would buy closely held Neptune Technology Group and its water meter businesses.

Roper said it would pay investment firm Investcorp, which owns Neptune, about $475 million net of cash and including the assumption of debt.

The addition of Neptune is expected to generate between $195 million and $205 million of sales and between $57 million and $60 million of earnings before interest, taxes, depreciation and amortization in 2003, Roper said.

Source: Reuters