Knight to Be Acquired

Knight Equipment International Inc., a closely held manufacturer of pumps and dispensing equipment for industrial laundries and other businesses, has agreed to be acquired by Illinois-based Idex Corp. for about $38 million.

Knight Equipment, of Costa Mesa, has annual sales of about $25 million, Idex said Thursday.

Northbrook, Ill.-based Idex, which had sales of $562.6 million in 1996, said that Knight Equipment will continue on its own as part of a Knight unit. Knight founder and chairman William Russell will continue working with Idex for the next few years. President Paul Beldham will also remain with Knight Equipment.

The transaction is expected to close within the next two weeks, subject to certain conditions, including expiration of the antitrust waiting period.

Knight Equipment expects to move into larger leased facilities under construction in Lake Forest early next year.