LUKAS Hydraulik GmbH, a subsidiary of industrial goods manufacturer IDEX Corporation IEX, recently inked a definitive agreement to acquire German firm AWG Fittings GmbH for ???46 million ($52.1 million). The transaction is expected to be completed within approximately 45 days, subject to mandatory closing conditions and regulatory approvals.Located in Ballendorf, Germany, AWG is a premier manufacturer of safety equipment for the safety and emergency response markets. Its product portfolio includes valves, monitors and nozzles, operating under the brand names AWG, Alco, ZR, and Lancier. With revenues of approximately ???36 million for the year ended Dec 31, 2015, AWG operates as a complete provider of fire fighting, fire protection and hydraulic rescue equipment across the globe.Post acquisition, AWG will form an integral part of the Fire and Safety/Diversified Products segment of IDEX and will strengthen its presence in the global fire fighting industry with world-class products and solutions.Acquisitions have been IDEX???s most favored mode for penetrating unexplored markets. These acquisitions extend its geographic reach, fill technology gaps and strengthen its foothold in the existing markets while expanding its product lines.In addition, IDEX is striving to spread out its businesses in the emerging markets by focusing on organic growth. The company also aims to increase its market exposure and improve sales mix by continually developing new products. With a flexible yet disciplined focus on cost and productivity, IDEX intends to optimize its cost structure, increase competitiveness and reallocate resources to improve profitability. The long-term growth prospects of the company, therefore, appear to be quite encouraging.The company is striving to counter the muted growth environment by improving productivity and conducting heavy restructuring across its portfolio in 2016. Productivity growth will allow it to expand the 2016 operating margins and deliver adjusted earnings of $3.70 to $3.75 per share.IDEX expects its restructuring plan to generate savings of around $12 million in 2016. These steps are also expected to boost the company???s operational efficiency and strengthen its bottom line in the same year.IDEX currently carries a Zacks Rank #2 (Buy). Some other favorably ranked stocks the industry include Gorman-Rupp Co. GRC, Kadant Inc. KAI and Luxfer Holdings PLC LXFR, each sporting a Zacks Rank #1 (Strong Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report KADANT INC (KAI): Free Stock Analysis Report IDEX CORP (IEX): Free Stock Analysis Report GORMAN RUPP CO (GRC): Free Stock Analysis Report LUXFER HOLDINGS (LXFR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research