The ratings on Roper Industries Inc., a diversified manufacturer of industrial products, reflect the company's leading positions in profitable niche markets, the diversity of its broad product portfolio and end markets, and its geographic reach, factors that help stabilize the company's cash flow generation. These strengths are partly offset, however, by Roper's aggressive acquisition policy, though this may moderate somewhat following the company's acquisitions of TransCore Holdings Inc. in 2004 and Neptune Technology Group Holdings Inc. in 2003. More recent acquisitions such as CIVCO Medical Instruments Co. Inc. in June 2005, have been smaller--CIVCO's purchase price was $120 million, while the price of TransCore was $600 million. Duluth, Ga.-based Roper provides engineered products and solutions for global niche markets. It
