Northbrook, Ill.-based Idex (NYSE: IEX), which makes pumps and fire-fighting equipment, said today it would acquire Nova Technologies, a Huntsville, Ala., provider of metering technology and flow monitoring services for the water and wastewater industries, for $158 million in cash.

"NTC's expertise in flow measurement solutions enables the continued enhancement of our market-based water platform within the Fluid and Metering Technologies segment," said Larry Kingsley, Idex chairman and CEO.

Idex said Nova Technologies' products enable industry, municipalities and government agencies to analyze and measure the capacity, quality and integrity of wastewater collection systems.

Nova Technologies has regional sales and service offices throughout the U.S. and Australia, with annual revenues of approximately $70 million, according to Idex.

"We will now have a global footprint, as well as the support for a broader technology platform, which will enable us to help our customers comply with the ever increasing regulations which continue to drive our business," said Karl Boone, president of Nova Technologies.

Idex said the transaction is expected to close in the fourth quarter of 2007, subject to customary closing conditions, and is projected to be accretive to its earnings in 2008.