The ratings on Sarasota, Fla.-based Roper Industries Inc., a diversified manufacturer of industrial products, reflect our view of the company's satisfactory business profile. The business profile is characterized by leading positions in profitable niche markets, and by its broad product, end-market, and geographic diversity. However, the company is acquisitive, which exposes it to integration risk. Roper has annual sales of about $2 billion and provides engineered products and solutions for a diverse array of global niche markets. The company's reporting segments include industrial technology, radio frequency (RF) technology, scientific and industrial imaging, and energy systems and controls. The industrial technology segment (26% of 2009 revenues) produces automatic meter-reading products and systems, industrial pumps, and flow measurement and metering equipment. The
