As the extent of damage from Hurricane Helene continues to unfold across the southeastern United States, the IDEX Foundation has approved a $50,000 USD donation to the American Red Cross.
Hurricane Helene caused catastrophic storm surge damage beginning in the “Big Bend” area of Florida’s Gulf Coast. But most surprising may be the devasting flood damage experienced in the mountain towns of western North Carolina, where many locations received well in excess of one foot (30 cm) of rain late last week.
In some instances, rushing river
floodwaters washed away significant portions of small towns. Other communities remain cut off without electricity, communications service, or fresh water. As of Wednesday evening (October 2), at least 180 people in North Carolina, South Carolina, Georgia, Florida, Tennessee and Virginia were confirmed dead. That number is expected to rise as rescuers reach isolated communities.
Many IDEX colleagues at the HURST Jaws of Life® have friends and family in mountain communities west of the manufacturing facility in Shelby, North Carolina.
“Fortunately, most of our team members and immediate families are well and unharmed from Hurricane Helene,” HURST Site Leader Steve Daino said. “Unfortunately, many are still without power and dealing with property damage, fallen trees, debris, and flood impacts. Some also have extended family and friends in nearby more severely impacted areas that are still isolated and in need of necessities.”
“Despite the adverse impacts to our team, the resilience and desire to help those still in need through donations and volunteer efforts is inspiring. The help and assistance from the IDEX community is greatly appreciated by all impacted,” he said.
While the IDEX Foundation generally supports employees participating in local volunteerism, the charitable arm of IDEX also has a long history of providing relief funding when natural disasters impact communities close to the hearts of our people. Whether hurricanes, floods, wildfires or earthquakes, the IDEX Foundation has provided support for one-the-ground relief.
“I am deeply grateful that we have the opportunity to extend our support to those affected by Hurricane Helene,” IDEX Foundation President Krishna Ranganathan said. “It’s heartbreaking to see the devastation, but I’m incredibly proud that the IDEX Foundation can step in and provide financial assistance to help these communities begin to rebuild. Our hearts are with everyone impacted, and we are committed to standing by them during this challenging time.”
To assist low-income families facing the escalating cost of housing, Precision Polymer Engineering (PPE) collaborated with Habitat for Humanity to construct a new home in their local community.
During a span of two days, 17 employees successfully built over 50 wall components, along with windows and doorframes for the structural framework of the new home. They also contributed to the installation of more than 300 square feet (28 square meters) of siding and over 100 linear feet (300 meters) of soffit, protecting the roof and rafters from potential damage.
This project marks the first time the Texas-based PPE site has volunteered with Habitat for Humanity. Additionally, with the support of the IDEX Foundation, they were able to donate $5,000 to the non-profit organization, which aids people worldwide in building or enhancing affordable and secure homes.
PPE is part of IDEX Sealing Solutions, which engineers and manufactures seals for some of the world’s most demanding and critical applications. The Brenham site primarily serves the sealing needs of semiconductor manufacturers.
NORTHBROOK, Illinois – September 5, 2024 – IDEX Corporation (NYSE: IEX) (“IDEX”) has completed its previously-announced acquisition of Mott Corporation and its subsidiaries (“Mott”), expanding IDEX’s applied material science technology capabilities in high-value end markets.
Mott is a leader in the design and manufacturing of sintered porous material structures and flow control solutions, with deep applied material science knowledge and process control capabilities. For more than 60 years, Mott has solved complex engineering challenges by innovating with global OEMS and leading technology brands to develop cutting-edge technologies.
As part of IDEX’s Health & Science Technologies segment, Mott is expected to:
Enhance the ability to deliver innovative, customized, and highly technical micro-precision solutions that are increasingly essential to customer product performance.
Increase opportunities in semiconductor wafer fabrication equipment, energy transition, medical technologies, space & defense, and water purification industries.
Complement the successful integrations of the Muon Group, Iridian Spectral Technologies, and STC Material Solutions, providing unique process-based capabilities working with specialized materials.
Drive near- and long-term value creation through implementation of 8020 and the IDEX Operating Model.
“The acquisition of Mott brings scale to our growing suite of material science technology capabilities and amplifies our ability to partner with customers to develop innovative solutions,” said Eric D. Ashleman, Chief Executive Officer and President of IDEX. “This is an important step in our strategy to deliver long-term, compounding value to our customers, employees, and shareholders. I’m pleased to welcome the Mott team to the IDEX family.”
About IDEX
IDEX Corporation (NYSE: IEX) designs and builds engineered products and mission-critical components that make everyday life better. IDEX precision components help craft the microchip powering your electronics, treat water so it is safe to drink, and protect communities and the environment from sewer overflows. Our optics enable communications across outer space, and our pumps move challenging fluids that range from hot, to viscous, to caustic. IDEX components assist healthcare professionals in saving lives as part of many leading diagnostic machines, including DNA sequencers that help doctors personalize treatment. And our fire and rescue tools, including the industry-leading Hurst Jaws of Life®, are trusted by rescue workers around the world. These are just some of the thousands of products that help IDEX live its purpose – Trusted Solutions, Improving Lives™. Founded in 1988 with three small, entrepreneurial manufacturing companies, IDEX now includes more than 50 diverse businesses around the world. With about 8,800 employees and manufacturing operations in more than 20 countries, IDEX is a diversified, high-performing, global company with approximately $3.3 billion in annual sales.
For further information on IDEX Corporation and its business units, visit the company’s website at www.idexcorp.com
This press release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements regarding the expected benefits of the acquisition of Mott, the expected impact of the acquisition on IDEX’s product offerings or proposed product offerings, IDEX’s combined existing and new customers and access to high-value end markets, the enhancement of IDEX’s business strategy, integration plans, the expected growth opportunities, and the anticipated long-term value to IDEX’s shareholders and customers resulting from the acquisition. These statements are subject to inherent uncertainties and risks that could cause actual results to differ materially from those anticipated at the date of this press release. The risks and uncertainties include, but are not limited to, the following: levels of industrial activity and economic conditions in the U.S. and other countries around the world, including uncertainties in the financial markets; pricing pressures, including inflation and rising interest rates and other competitive factors and levels of capital spending in certain industries; the impact of catastrophic weather events, natural disasters and public health threats; economic and political consequences resulting from terrorist attacks and wars; IDEX’s ability to integrate Mott and to acquire, integrate and operate other acquired businesses on a profitable basis; cybersecurity incidents; the relationship of the U.S. dollar to other currencies and its impact on pricing and cost competitiveness; political and economic conditions in foreign countries in which IDEX operates; developments with respect to trade policy and tariffs; interest rates; capacity utilization and the effect this has on costs; labor markets; supply chain conditions; market conditions and material costs; risks related to environmental, social and corporate governance issues, including those related to climate change and sustainability; and developments with respect to contingencies, such as litigation and environmental matters. Additional factors that could cause actual results to differ materially from those reflected in the forward-looking statements include, but are not limited to, the risks discussed in the “Risk Factors” section included in IDEX’s most recent annual report on Form 10-K and IDEX’s subsequent quarterly reports filed with the Securities and Exchange Commission (“SEC”) and the other risks discussed in IDEX’s filings with the SEC. The forward-looking statements included here are only made as of the date of this press release and management undertakes no obligation to publicly update them to reflect subsequent events or circumstances, except as may be required by law. Investors are cautioned not to rely unduly on forward-looking statements when evaluating the information presented here.
IDEX Health & Science in Rohnert Park, California (USA) has made the return to school easier for families, and exciting for students for this 2024-2025 school year.
In late July, employees gathered to assemble backpacks filled with essential school supplies that were later donated to John Reed Elementary School in Rohnert Park. The IH&S team chose the school because 82% of its students are enrolled in the federally funded National School Lunch Program (subsidized or free lunch program), a demonstration of need.
Every student at John Reed Elementary will receive a backpack, ensuring inclusivity for all.
“John Reed Elementary is incredibly appreciative of the donation of backpacks and school supplies for all of our students. As I hand out the backpacks to students, I am touched by the smiles on their faces. This act of kindness has an incredible impact on my school population,” shared Kristy Corbett, Principal, John Reed Elementary School.
Additionally, a portion of the backpacks were donated to the local Boys & Girls Club in Rohnert Park. Having the proper school supplies makes a huge difference to help unlock a student’s potential. These backpacks and school supplies helps take financial pressure off families and schools, potentially removing obstacles and aiding students’ development.
This initiative was made possible by an IDEX Foundation grant of $13,750 to the Kids in Need Foundation (KINF.org), which supplied all the new backpacks and school supplies.
Thanks to the IDEX Foundation, our colleagues at Flow Management Devices prepared over 100 kits containing essential items for children supported by The Foster Alliance.
Based in Phoenix, Arizona (USA), the business initially requested $6,000 USD from the foundation to buy baby and toddler clothing. The foundation board granted them $10,000, allowing FMD to assemble hygiene kits for teenagers and infants as well.
The Foster Alliance offers a range of new necessities for foster children, including beds, cribs, bedding, clothing, shoes, diapers, wipes, personal care items, and more. This initiative was made possible by the dedicated employees who packed each kit.
Flow Management Devices (FMD) is a global leader in designing and producing compact provers. FMD provers are utilized worldwide to ensure the accuracy of flow meters in both custody transfer and non-custody transfer liquid hydrocarbon applications.
Launched during the peak of the COVID-19 pandemic, the IDEX Foundation created the Food Insecurity Challenge to aid families facing difficulties feeding themselves and their families. Fast forward four years, it has evolved into a platform to embody our collective mission, bring our teams together, and assist the communities we are part of.
This year held extra significance as it commemorated the 10th anniversary of the IDEX Foundation. In honor of this milestone, the foundation increased food pantry donations to $10,000, up from $5,000 in previous years resulting in over $500,000 USD donated worldwide.
Once again, our global teams embraced the annual challenge, collecting food for their local pantries, as well. Let’s see how their competitive spirit translated into acts of kindness for others:
Category: 101+ Employees
WINNER: Advanced Flow Solutions (AFS)
Oklahoma City, Oklahoma (USA)
With 10,120 lbs (4,590 kg) total goods collected, AFS leads the charge yet again in the IDEX Food Drive!
Runners up:
IDEX Health & Science (Oak Harbor)
Banjo Corporation
Category: 51-100 Employees
WINNER: Godiva
Warwickshire, England, U.K.
For the second year in a row, our U.K. based colleagues win in their group collecting 2,123 lbs (963 kg) of nonperishable goods for Warwick District Foodbank.
Runners up:
Trebor Internationals, Inc.
Pulsafeeder Inc. (Rochester)
Category: 1-50 Employees
WINNER: Viking Pump Canada
They may be small, but they sure are mighty! A group of 23 at Viking Pump Canada collected 2,306 lbs (1045 kg) for their local food bank.
NORTHBROOK, Ill.–(BUSINESS WIRE)—August 7, 2024– IDEX Corporation (NYSE: IEX) (“IDEX” or the “company”) today announced the pricing of its public offering of $500 million principal amount of 4.950% Senior Notes due 2029. The notes will be unsecured senior obligations that rank equal in right of payment to all of IDEX’s existing and future senior indebtedness. Closing of the offering is expected to occur on August 21, 2024, subject to the satisfaction of customary closing conditions.
IDEX estimates that the net proceeds from the offering will be approximately $495.0 million, after deducting underwriting discounts and commissions and its estimated offering expenses. The company intends to use the net proceeds from this offering, together with available revolving credit facility borrowings and cash on hand, to (i) fund the cash consideration payable by IDEX to consummate its previously announced acquisition of all of the issued and outstanding capital stock of Mott Corporation and its subsidiaries and (ii) pay fees and expenses in respect of the foregoing.
Wells Fargo Securities, LLC, BofA Securities, Inc. and J.P. Morgan Securities LLC are acting as joint book-running managers for the offering.
IDEX is making this offering pursuant to a shelf registration statement that automatically became effective upon filing with the Securities and Exchange Commission (the “SEC”). This offering will be made solely by means of a prospectus and prospectus supplement. You may obtain a copy of the preliminary prospectus supplement, the accompanying prospectus and the final prospectus supplement, when available, for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, any underwriter or any dealer participating in the offering will arrange to send you any of those documents upon request by contacting the joint book-running managers at:
BofASecurities,Inc., 201 North Tryon Street (NC1-022-02-25), Charlotte, North Carolina 28255-0001, Attn: Prospectus Department; Telephone: (800) 294-1322 or Email: dg.prospectus_requests@bofa.com
J.P.MorganSecuritiesLLC, 383 Madison Avenue, New York, New York, 10179, Attn: Investment Grade Syndicate Desk, 3rd Floor; Telephone: (212) 834-4533.
This press release shall not constitute a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
Forward-Looking Statements
This press release contains “forward-looking” statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements relate to, among other things, expectations regarding the anticipated closing of the notes offering and IDEX’s intended use of net proceeds therefrom. Statements which are not historical facts and relate to future plans, events or performance are forward-looking statements that are based upon management’s current expectations and are subject to risks and uncertainties. The forward-looking statements are based on management’s current expectations and should not be construed in any manner as a guarantee that such events or results will in fact occur. All forward-looking statements speak only as of the date of this press release and IDEX undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Detailed information regarding risk factors with respect to IDEX and the offering are included in the company’s filings with the SEC, including the prospectus and prospectus supplement for the offering. The forward-looking statements included here are only made as of the date of this press release, and management undertakes no obligation to publicly update them to reflect subsequent events or circumstances, except as may be required by law. Investors are cautioned not to rely unduly on forward-looking statements when evaluating the information presented here. Any such forward-looking statements are not guarantees of future performances and actual results, developments and business decisions may differ from those contemplated by such forward-looking statements.
About IDEX
IDEX Corporation (NYSE: IEX) designs and builds engineered products and mission-critical components that make everyday life better. IDEX precision components help craft the microchip powering your electronics, treat water so it is safe to drink, and protect communities and the environment from sewer overflows. Our optics enable communications across outer space, and our pumps move challenging fluids that range from hot, to viscous, to caustic. IDEX components assist healthcare professionals in saving lives as part of many leading diagnostic machines, including DNA sequencers that help doctors personalize treatment. And our fire and rescue tools, including the industry-leading Hurst Jaws of Life®, are trusted by rescue workers around the world. These are just some of the thousands of products that help IDEX live its purpose – Trusted Solutions, Improving Lives™. Founded in 1988 with three small, entrepreneurial manufacturing companies, IDEX now includes more than 50 diverse businesses around the world. With about 8,800 employees and manufacturing operations in more than 20 countries, IDEX is a diversified, high-performing, global company with approximately $3.3 billion in annual sales.
Advanced Flow Solutions (AFS) recently welcomed two students to their team as part of the Federation for Advanced Manufacturing Education (FAME) — Oklahoma City (USA) Chapter. Both Theodore and Zachary are in their first year of college at Oklahoma State University.
FAME, a successful hybrid academic and training program originally created by Toyota and nationally scaled by the National Association of Manufacturers, helps fill the manufacturing pipeline by providing global-best workforce development.
To provide hands-on experience for students, OKC FAME has partnered with manufacturers across various industries in OKC including AFS.
As participants of the two-year long program at AFS, Theodore and Zachary will engage in trainings and education to develop as a well-rounded employee, including:
Technical Manufacturing Skills
Installation and Assembly of New Machines
Troubleshooting and Repairing
Quality Control
Industry Best Practices and Safety Guidelines
Professional Behaviors and Leadership Skills
Part of IDEX Corporation, IDEX Energy AFS is a group of IDEX Fluid and Metering businesses (Liquid Controls, Corken, and SAMPI) that provide the refined fuels, LPG, and aviation fuels markets with mission critical fluid measurement and movement devices such as flow meters, pumps, compressors, and integrated flow systems.
Second Quarter 2024 Highlights (All comparisons are against the second quarter of 2023 unless otherwise noted)
Sales of $807 million, down 5% overall and 4% organically
Reported diluted EPS of $1.86, up 2%, and adjusted diluted EPS of $2.06, down 6%, exceeding second quarter expectations
Operating cash flow of $134 million, down 5%; free cash flow of $118 million, down 2%
Revised Full Year and Third Quarter 2024 Outlook
Full year organic sales growth is projected to decline 1% to 2% versus the prior year, down from previous guidance of an increase of 0% to 2%
Full year GAAP diluted EPS of $6.85 – $6.95 (adjusted diluted EPS of $7.80 – $7.90), down from previous guidance of $7.13 – $7.43 (adjusted diluted EPS of $8.15 – $8.45)
Third quarter organic sales are projected to be 0% to 1% over the prior year period
Third quarter GAAP diluted EPS of $1.61 – $1.66 (adjusted diluted EPS of $1.85 – $1.90)
NORTHBROOK, IL, July 31, 2024 – IDEX Corporation (NYSE: IEX) today announced its financial results for the three-month period ended June 30, 2024.
“IDEX teams delivered strong execution in the second quarter, expanding margins sequentially despite stronger uncertainty-fueled macro headwinds,” said Eric D. Ashleman, IDEX Corporation Chief Executive Officer and President. “As we tune the portfolio for sustained growth performance, our business leaders are deploying focused resources to our best long term growth initiatives within attractive application areas. We are bolstering those efforts through thoughtful and disciplined capital deployment. Our recently announced acquisition of Mott Corporation is a powerful example given its outstanding fit with our businesses and strategy.”
For further information on IDEX Corporation and its business units, visit the company’s website at www.idexcorp.com.
Throughout the first half of 2024, IDEX businesses have displayed an increased commitment to maintaining a safe workplace and minimizing the impact of our operations to the environment.
Our combined efforts are yielding results. At midyear, we have reduced total recordable injuries by 30%, compared to the first half of last year. IDEX teams worldwide also reduced injuries that resulted in more than a day away from work by 50% compared to the same period last year.
“Our teams should be commended for their outstanding work increasing our collective focus on safety. While these improvements are meaningful, we must continue to build the capacity of our defenses against safety hazards as we continue to reduce workplace injuries,” said Aromake Afiegbe, Senior Director of IDEX Environmental Health & Safety (EH&S).
See what your fellow colleagues across the globe have applied to work towards our shared goal of workplace safety and reducing workplace incidents and injuries. While the examples below only reflect a small portion of all the hard work our employees dedicate to this effort, we hope that there are takeaways you can apply to your local teams.
IDEX Health and Science – Safety Week
Each site under our IDEX Health and Science (IH&S) umbrella participated in their first-ever “Safety Week.” Throughout this eventful week in June employees demonstrated teamwork, effective communication, and proactive participation.
Safety Week Events included:
Monday – Ergonomics. Focusing on designing and arranging workspaces to optimize efficiency and minimize strain on the body.
Tuesday – Interactive Workshop. Applying safety skills at a mock workstation.
Wednesday – Slip, Trip, and Fall Incidents. Each site developed an obstacle course where participants identified hazards and prevention ideas.
Thursday – Hand Safety. Employees were given strategies to prevent injuries.
Remote employees had several activities as well, including submitting pictures of workstations so that Environmental Health & Safety professionals could provide feedback to improve safety in their work environment. See the graphics and flyers used to engage employees here.
Each site wrapped up the week with a celebration to recognize their hard work and commitment to prioritizing safety and well-being at IDEX Health & Science.
LouwersHanique – Chemical Park
Known for their use of glass or ceramics for innovative solutions, LouwersHanique – part of Muon Group in the Netherlands – successfully implemented a new “chemical park” to enhance safety and efficiency.
Health, Safety and Environment (HSE) Coordinator Raphael Schmitz, and Warehouse Manager Nick Los joined forces to raise safety awareness among employees about the need for establishing a new space for the proper handling and disposal of chemical waste.
This HSE project has not only addressed significant structural issues but has also led to a new era of engagement, productivity and environmental responsibility.
IDEX India – World Environment Day & Safety Week
IDEX India celebrated World Environment Day on June 5 with visual displays, quizzes, a day of programming and gifts. Celebrated annually by the United Nations, World Environment Day encourages awareness and action for the protection of the environment.
In addition to in-person programming, the IDEX India team also put together a guide on how to lead an environmentally conscious lifestyle. Check it out here.
Additionally, IDEX India led a Safety Week that included eight separate events that saw nearly 400 total participants.
Viking Pump – Process Improvement
Employees of the pumping solutions giant Viking Pump in Cedar Falls, Iowa (USA), recently identified a problem, proposed a solution and implemented it with the support of their leadership team.
An operator is frequently responsible for emptying
a five-gallon bucket of paint, which can lead to discomfort from having to perform it in a non-ergonomic way.
Operators came together to create a device that mechanically flips the bucket, allowing employees to maximize their time and scrape out the remaining paint at an ergonomic height.
Fluid Management – Safety Day
In honor of June’s Safety Month, Fluid Management in Wheeling, Illinois (USA), hosted a safety training day to educate, engage, and empower all employees to maintain a safe workplace. The event was made possible by their guest trainers who joined to share their expertise on maintaining safety both at work and at home.
Pulsafeeder – Leader Safety Training
Pulsafeeder’s Next Level Leaders (NLL) attended four sessions of Safety Leadership Training developed and hosted by internal leaders at their site in Punta Gorda, Florida (USA).
The goal of the experience was to drive behavioral changes and improve the way people managers think of safety at their business and their responsibility to their teams.
Airtech – EHS Program Improvements- Stormwater discharge & Safety Shoes
Based in Rutherford, New Jersey (USA), the pneumatics experts at Airtech are revamping the EHS programs applicable to their site. Among the critical programs developed and released is a new Stormwater Pollution Prevention Program for their site. It includes industry best practices to help ensure that contaminated stormwater does not enter the storm drains and pollute the environment.
Additionally, they have instituted a facility wide Safety Shoe Program which includes an area dedicated to Personal Protective Equipment awareness with a focus on safety shoes.
BAND-IT – Safety Week
Based in Denver, Colorado (USA), Band- IT held its first safety week in over 5 years in April. Activities included hands on fire extinguisher training, a “safety issues” scavenger hunt around the facility and safety trivia to reinforce their learnings.
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