IDEX Corporation to Acquire Nexsight, Expanding Solutions Expertise for Wastewater Systems

Company News
November 23, 2021

IDEX Corporation (NYSE:IEX) today announced that it has entered into a definitive agreement to acquire Nexsight, LLC and its market leading businesses – Envirosight, WinCan, MyTana and Pipeline Renewal Technologies (PRT) – for cash consideration of $120 million, subject to customary post-closing adjustments.

The acquisition will complement and bolster existing IDEX business units iPEK and ADS, which design and create sewer crawlers, inspection and monitoring systems, and software applications that allow teams to identify, anticipate and correct wastewater system issues remotely.

Through the Nexsight acquisition, IDEX will expand to include iPEK’s key North American channel partner and its leading wastewater video inspection software platform, which we foresee helping to broaden the capabilities of ADS’s cloud-based wastewater system monitoring and predictive analytics platform.

“Acquiring Nexsight will broaden our expertise in the inspection and monitoring of wastewater infrastructure,” IDEX Chief Executive Officer and President Eric Ashleman said. “We intend to continue growing our presence in intelligent water technologies, where we can help predict and identify wastewater system issues early, preventing them from causing property damage, harming the environment and impacting public health.”

“IDEX continues to actively seek and analyze opportunities to deploy capital and acquire IDEX-like businesses, as well as make calculated bets in new technologies to support growth, strengthen our portfolio and enhance our return to shareholders,” Ashleman said.

With annual sales of approximately $50 million, Nexsight will join the water group within IDEX’s Fluid & Metering Technology segment. The transaction is expected to close in the first quarter of 2021, subject to regulatory approvals and customary closing conditions.

Advanced Thin Films, I-AMP Capstone Provide Furniture for Boulder Bridge House

Company News
November 18, 2021

IDEX’s Accelerating Management Potential (I-AMP), recently partnered with Advanced Thin Films (ATF) to provide new furniture for the Boulder Bridge House Ready to Work (RTW) facility in Colorado.

The I-AMP cohort capstone team, led by Clarissa Bradfield, Dalton Geraldo, Rachel Otte, and Wafa Yakhlif, planned and organized a two-day event to build replacement furniture for RTW, but only needed a day to complete the project.

At the event, 24 employees from ATF helped unpack and prepare more than 40 dressers and nightstands for members of the RTW facility!

“It was amazing to watch ATF employees use teamwork to provide new furniture for BBH. Witnessing the residents fill dressers and nightstands with their belongings and smiles on their faces, was an amazing experience,” said Mary Zsigmond, Inside Sales Supervisor at ATF.

Ready to Work is a “work-first” approach to addressing homelessness. Ready to Work offers 1 year of housing, employment, support for adults experiencing homelessness and is the only holistic model in Colorado focused on addressing homelessness through social enterprise.

Ready to Work operates in 2 communities in Metro Denver. After 7 years in Boulder, Bridge House replicated the model in Aurora, CO, which expands its presence from a capacity of 44 in Boulder to 94 in the region.

Glassdoor Ranks IDEX Among Top 1% of Industrial Manufacturing Companies

Company News
November 17, 2021

IDEX Corporation ranks among the top 1 percent of all Industrial Manufacturing employers, according to anonymous reviewers on Glassdoor, the review site for jobs and companies.

“The dedication our IDEX teams have shown to advancing our culture, making our company a place where people can do and be their best is clearly visibly when reading reviews and seeing what employees past and present say about us on Glassdoor,” IDEX Chief Human Resources Officer Melissa Flores said. “We’re thrilled to have our culture shine through in this way.”

Click here to look at IDEX’s Glassdoor page.

 

Viking Pumps Used in 1941 Icebreaker Ship

Company News
November 16, 2021

Viking Pumps have been used for decades on marine vessels and aircraft across the globe. Recognized as a trusted leader and innovator, Viking’s durable pumps built many years ago are still used on some ships today.

While on a trip with family to Michigan, a Viking Pump colleague visited the USCGC Mackinaw Icebreaker. After returning to the office, she was curious and discovered that nine Viking pumps were installed on the ship in 1941. The pumps ranged in function from diesel fuel transfer and lube oil transfer, to pressure lubrication.

“When I stepped foot on the deck of the Icebreaker, my intuition told me I was standing on a piece of treasured history, not just from World War II, but also from Viking Pump,” Marketing Coordinator Robyn Watson said.

After returning to the office, Robyn partnered with another team member and quickly located the 1945 Spring edition of the “Viking Vacuum” publication. Take a look at an excerpt from the publication below:

Figure 1- Excerpt from the Spring 1945 edition of Viking Vacuum.

Ten days after the attack on Pearl Harbor, the United States Congress approved the construction of the Mackinaw, to help forge paths for transport ships and break up thick ice that formed on the Great Lakes during frigid winter months. This allowed iron ore, limestone, and coal to be transported, keeping vital war materials in production.

Figure 2- A ZHLH vertical Viking pump unit for pressure lubrication of propeller bearings

Displayed to the right is a ZHLH pump – a pump so old that nobody at Viking Pump has even heard of it. There were six of these pumps aboard the Mackinaw for pressure lubrication of the propeller bearings. The propellers played a critical role in the breaking of large sheets of ice.

According to an Ice Breaker Mackinaw fact sheet, “The Mackinaw’s innovative 12’ bow propeller – weighing 7.2 tons – draws water from under the ice causing it to weaken and sag under its own weight and then, when crushed by the force and the weight of the ship, sends it streaming along both sides of the ship reducing friction.”

With the propellers’ significant role in breaking ice and maintaining a clear path across the lakes, keeping bearings lubricated was of upmost importance.

 

Displayed below are the AJ281 lube oil transfer pump (Left) and the model LQ281 unit (right), which were both used for the engine of the ship. Lube oil is key in heat control, contamination control, rust prevention, and energy transfer.

Due to the size of the engine, fuel and lubricant were essential in keeping the ship going. These mission-critical roles were entrusted to Viking pumps.

Figure 3 (left)- AJ281 Viking Lube Oil Transfer pump unit with steel casing and head, and Bronze interior parts Figure 4 (right)- Model LQ281 all bronze Diesel fuel transfer unit.

Weighing in at over 5,200 tons with a length of 290 feet, the Mackinaw worked faithfully for 62 years before retiring in 2006. Since then, it’s been converted to a museum.

To learn of other interesting places where Viking Pumps are being used, click here. 

[1] Icebreaker Mackinaw Maritime Museum History (themackinaw.org)
The Ice Breaker Mackinaw Maritime Museum docked in Mackinaw City, MI

IDEX India Completes Installation of Solar Panels

Company News
November 2, 2021

Sunlight is now providing more than 10 percent of the electricity needs at the IDEX facility in Vadodara, India, after a successful installation of rooftop solar panels last month.​​​​​​​

Team members recently celebrated the install with a blessing of the control panel, which included decorating it with marigold flowers. Marigold flowers are often used in Indian culture because they represent the sun, symbolizing brightness, and positive energy.

The roof of the Gurukul & Canteen facility includes 248 photovoltaic (PV) solar panels that can generate 400 KWh every day. It’s estimated the solar array will save the facility in Vadodara more than $16,000 USD in the first year alone.

“Our Continuous focus to save energy and improve the environment helped us to install a 100kW solar farm and reduce our carbon footprint. This small step reduces the use of non-renewable energy by 12%,” said Senior Engineer, Jignesh Varmora.

Team members involved in the project also include Facility Manager, Vijay Patel and Environmental, Health & Safety Leader, Tithi Shah.

 

IDEX Reports Record Third Quarter Results

News Release
October 26, 2021

IDEX Corporation (NYSE: IEX) today announced its financial results for the three month period ended September 30, 2021.

Third Quarter 2021 Highlights

  • Record orders of $774.2 million up 36 percent overall and 28 percent organically compared to Q3 2020
  • Record sales of $712.0 million up 23 percent overall and 15 percent organically compared to Q3 2020
  • Reported operating margin was 22.6 percent with adjusted operating margin of 24.3 percent
  • Record reported EPS was $1.51 with record adjusted EPS of $1.63
  • Full year adjusted EPS guidance narrowed to $6.30 to $6.33 compared to prior guidance of $6.26 to $6.36

View full report at: https://investors.idexcorp.com/news-releases/news-release-details/idex-reports-record-third-quarter-results

 

Fast & Fluid Management Asia Ships 100,000th Unit

Company News
October 14, 2021

Fast & Fluid Management (FFM) in Asia recently marked a significant milestone with its plant at Vadodara, India, shipping its 100,000th unit since the introduction of its first paint tinting machine X-SMART nine years ago. Designed for simplicity in installation, operation, and service, the X-SMART is an automatic, compact paint dispenser for small paint retailers. This was followed by a successive series of products turning Fast & Fluid Management into a major player in the paints and coatings industry in the Asian market.

In a new video, team members reflect on the journey from developing the first X-SMART dispenser in 2012 to reaching the milestone today. The team achieved the 50,000th unit shipment in 2018, and doubled shipments to 100,000 total since inception, less than 3 years later.

“Nothing, not even the challenges posed by the pandemic, could stop us from reaching this significant milestone. The credit goes both to our great team for sticking to their task in the face of all odds and our customers for continuing to repose faith in our ability to serve them,” said Balu Kuppuswamy, General Manager, Fast & Fluid Management Asia.

“Our women employees at the manufacturing shopfloor are skilled technicians certified through an Industrial technical course sponsored by the IDEX Foundation in 2016. Not only is this aligned with our motto of empowering the local community but also contributed significantly to achieving the milestone during these challenging times. We are committed to continue developing them in this journey “said Chiragi Thakor, Director HR, Fast & Fluid Management Asia.

With tireless focus on customers, the FFM team maintained a system to support quick turnaround times of 12-14 months between design and production without compromising quality. Additionally, the team provided endurance testing, and training to assembly technicians.

“This accomplishment is definitely the result of great teams at Fast & Fluid Management and IDEX Corporation with their combined efforts contributing to our growth story. We are proud of their efforts in making this happen,” said Ana Garcia, President Global Dispensing, IDEX Corporation.

The plant in India also exports paint tinting equipment to North America, Europe, the Middle East, Africa and Latin America. The company produces a complete range of paint dispensers, mixers, shakers, and software suitable for a wide range of applications, designed and developed in keeping with regional market trends.

 

IDEX Foundation Enters National Partnership with Boys & Girls Clubs of America

Company News
October 1, 2021

Teams at IDEX business units across the United States now have expanded opportunities to volunteer locally as part of a new partnership between Boys & Girls Clubs of America and the IDEX Foundation, the charitable giving extension of IDEX Corporation (NYSE: IEX). The national partnership is an outgrowth of successful relationships various IDEX business units have had with local Clubs for years.

The partnership, which includes financial support and opportunities for volunteerism at local Clubs, results from the IDEX Foundation adding “Equity & Opportunity” – creating opportunities for under-served, disadvantaged people of color in our communities – as an additional charitable pillar earlier this year.

“IDEX teams regularly perform volunteer work through local charities that impact their communities, with financial support from the IDEX Foundation. This new partnership will provide tailor made opportunities to do even more through the amazing work done every day at Clubs in the communities where we live and work,” said Derrick Goddard, president of the IDEX Foundation.

The IDEX Foundation’s decision to partner with Boys & Girls Clubs of America nationally fits with the organization’s mission to help empower young people to reach their full potential. Clubs are located near every IDEX business unit in the United States.

“Thank you to the IDEX Foundation, its business units and employees for supporting Boys & Girls Clubs of America as we continue our commitment to offering youth the resources they need to reach their full potential,” said Chad Royal-Pascoe, acting senior vice president, resource development for Boys & Girls Clubs of America. “It is through partnerships like this that we are able to fuel programs, experience and opportunities that help us to close the equity and opportunity gaps for kids and teens.”

 

About IDEX

IDEX (NYSE: IEX) is a company that has undoubtedly touched your life in some way. In fact, IDEX businesses make thousands of products that are mission-critical components in everyday activities. Chances are the car you’re driving has a BAND-IT® clamp holding your side airbag safely in place. If you were ever in a car accident, a Hurst Jaws of Life® rescue tool may have saved your life. If you or a family member is battling cancer, your doctor may have tested your DNA in a quest to find the best targeted medicine for you. It’s likely your DNA test was run on equipment that contains components made by our growing IDEX Health & Science team. Founded in 1988 with three small, entrepreneurial manufacturing companies, we’re proud to say that we now call over 40 diverse businesses around the world part of the IDEX family. With more than 7,000 employees and manufacturing operations in more than 20 countries, IDEX is a high-performing, global nearly $2.5 billion company committed to making trusted solutions that improve lives. IDEX shares are traded on the New York Stock Exchange under the symbol “IEX”.

For further information on IDEX Corporation and its business units, visit the company’s website at www.idexcorp.com.

 

About Boys & Girls Clubs of America

For 160 years, Boys & Girls Clubs of America (BGCA.org) has provided a safe place for kids and teens to learn and grow. Clubs offer caring adult mentors, fun and friendship, and high-impact youth development programs on a daily basis during critical non-school hours. Boys & Girls Clubs programming promotes academic success, good character and leadership, and healthy lifestyles. More than 4,700 Clubs serve over 4.3 million young people through Club membership and community outreach. Clubs are located in cities, towns, public housing and on Native lands throughout the country, and serve military families in BGCA-affiliated Youth Centers on U.S. military installations worldwide. National headquarters are located in Atlanta. Learn more about Boys & Girls Clubs of America on Facebook and Twitter.

 

 

LUKAS Completes Rooftop Solar Array Installation

Company News
September 29, 2021

Sunshine is now providing about 30 percent of the electricity needs at LUKAS Hydraulic GmbH in Erlangen, Germany, after the recent completion of a rooftop solar array installation.

The 1,314 panels can generate 500 kilowatts peak (kWp) and save the equivalent of 256 tons of carbon dioxide over the course of a year. The amount of electricity generated equals the needs of about 120 homes. It’s estimated it will save LUKAS more than 67,000€ in the first year alone.

LUKAS Strategic Buyer Naim Zekiri developed the business case and was the driving force behind making the project happen. He approached it from a cost perspective, but with an appreciation of the changing climate and what clean energy means to future generations.

“With the help of the PV plant, several goals are combined at the same time,” Zekiri said. “In addition to safeguarding our competitiveness, we can protect the climate and the environment and cover around 30 percent of our electricity requirements ourselves in the future.”

While economics, power utility infrastructure, and government incentives vary around the world, we anticipate this project will serve as a pilot, leading the way for other solar installations on IDEX facilities around the world.

Part of IDEX Fire & Safety, LUKAS is a leading manufacturer of hydraulic rescue tools, including cutters, spreaders, rescue rams and strongarms.

IDEX Fire & Safety Businesses, Warren Rupp Honor 9/11 Through Community Activism

Company News
September 16, 2021

Team members at Akron Brass, Hale, and Warren Rupp last week recognized the 20th anniversary of 9/11 by supporting first responders in their community and honoring fallen firefighters through community events and memorial services.

In Wooster, Ohio, colleagues at Akron Brass hosted an annual memorial service on Friday and streamed it live online for firefighters and first responders to view on “The Jump seat”. Watch a recording of the service here.

Continuing a tradition, IDEX Fire & Safety team members also participated in an Annual 9/11 Memorial Stair Climb in Columbus, Ohio. Each person pays tribute to an FDNY firefighter, police officer, or EMS by climbing the equivalent of the 110 stories of the World Trade Center, carrying flags, oxygen tanks, hoses, and other equipment. Members also participated in the 2021 Tunnel to Towers 5K Run & Walk in Medina, Ohio.

Nearby in Mansfield, Ohio, Kelly Manley and Myles Wimer of Warren Rupp volunteered over the weekend, traveling to Washington DC and assisting veterans throughout their tour of the nation’s capital. 

And in Ocala, Florida, five members of the Hale senior leadership team volunteered at a local water tent to load delivery vehicles with bottles of water. The team also received donations from fellow colleagues and delivered 10 Hale gift buckets to local fire departments. 

Hale team members assists with packing water at Fire Departments in Ocala, Florida. (Pictured above: Dennis Blackshire, Operations Director, and Dawn Wallner-Czechowski, Sr. Manager, Customer Care)
Gift Buckets given to to local fire departments in Florida.
Hale team members walking together after completing a volunteer event in Ocala, Florida. (Pictured from left to right: Mike Burgger, Director, Supply Chain, Keith Allen, Finance Manager, Kris Farris, Site Leader.)
A small group of IDEX Fire & Safety team members take a photo at the 2021 Tunnel to Towers 5K Run & Walk in Medina, Ohio.
Group photo of IDEX Fire & Safety participants after completing the Annual 9/11 Memorial Stair Climb in Columbus, Ohio.
Myles Wimer helps guide and assist a Veteran during a tour in Washington D.C.
Group photo of team members who supported Veterans during a visit to Washington D.C.
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