IDEX Corporation’s Capital Deployment Continues with Agreement to Acquire Muon Group

Company News
September 13, 2022

IDEX Corporation (NYSE:IEX) today announced that it has entered into a definitive agreement to acquire micro-precision technology manufacturing company Muon B.V. and its subsidiaries (“Muon Group”) for cash consideration of €700 million.

Based in the Netherlands, Muon Group manufactures highly precise flow paths in a variety of materials that enable the movement of various liquids and gases in critical applications for medical technologies, semiconductor, food processing, digital printing and filtration. The group includes LouwersHanique, Veco, Millux, Tecan and Atul, which have critical technical expertise in precision and tolerances for different materials, from metals and glass to plastics and ceramics.

“Together, the Muon Group will expand upon a growing platform of IDEX precision technology businesses, including those already part of IDEX Health & Science, with unique technology and product solutions for similar end-customers. The commercial synergy potential between our health and science businesses and Muon Group companies will yield expanded offerings to new and existing customers,” IDEX Chief Executive Officer and President Eric Ashleman said. “Muon Group is an IDEX-like business, producing highly engineered products used in mission-critical applications where customers demand exacting quality standards. Their companies are leaders in their fields, and we are excited to welcome them and their outstanding management team to the IDEX family.”

Like IDEX, Muon Group has strong connections to an array of highly innovative, well-known OEMs, working in partnership like members of an extended team to solve some of their most challenging issues. This forms a strong base for ongoing growth through innovation.

“The acquisition of Muon Group demonstrates our disciplined capital deployment strategy that focuses on identifying high-quality technology businesses that will enhance our strategy and we believe will drive long term shareholder value,” Ashleman said. “We expect Muon Group to thrive in our entrepreneurial culture, while our decentralized model fosters decision-making closest to the customer, producing excellent results.”

“All of us at Muon are excited to be joining forces with the IDEX platform as we feel this is the best way to secure our long-term growth ambitions. IDEX’s operating model and culture match ours well, and their scale and resources will help us achieve our targets faster,” Michiel Barendse, CEO of Muon Group said.

Muon Group is privately held by Rivean Capital, a European mid-market private equity firm, which acquired the company in 2018.

With expected FY 2022 sales of approximately €140 million and EBITDA margins of approximately 33 percent, Muon Group will join the Scientific Fluidics & Optics group in IDEX’s Health & Science Technology segment.

The transaction is expected to close in the fourth quarter, subject to regulatory approvals and consultation with the Dutch works council. This acquisition is expected to be funded by IDEX using cash on hand and proceeds from its revolving credit facility.

Use of Non-GAAP Financial Information

IDEX prepares its public financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP). IDEX supplements certain GAAP financial performance metrics with non-GAAP financial performance metrics. Management believes these non-GAAP financial performance metrics provide investors with greater insight, transparency and a more comprehensive understanding of the financial information used by management in its financial and operational decision-making because certain of these non-GAAP metrics exclude items not reflective of ongoing operations. Non-GAAP financial performance metrics should not be considered a substitute for, nor superior to, the financial data prepared in accordance with GAAP. EBITDA is calculated as net income plus interest expense plus provision for income taxes plus depreciation and amortization. EBITDA margin is calculated as EBITDA divided by net sales.

IDEX has not provided a reconciliation of the expected EBITDA or EBITDA margin contribution by Muon Group for FY 2022 because we are unable to quantify certain amounts that would be required to be included in Muon Group’s contribution to net income without unreasonable efforts. In addition, IDEX believes such reconciliation would imply a degree of precision that would be confusing or misleading to investors.

Cautionary Note Regarding Forward-Looking Statements

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 Muon Group, the expected impact of the acquisition on IDEX’s product offerings or proposed product offerings, IDEX’s combined existing and new customers, the enhancement of IDEX’s business strategy, integration plans, the expected growth opportunities and synergies resulting from the acquisition, IDEX’s ability to achieve its targets, the anticipated long term value to IDEX’s shareholders, the projected earnings of the Muon Group and the related impact on IDEX’s earnings, and the expected timing and funding for the closing of 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: the impact of health epidemics and pandemics, including the COVID-19 pandemic, and the impact of related governmental actions, on IDEX’s ability to operate its business and facilities, on its customers, on supply chains and on the U.S. and global economy generally; economic and political consequences resulting from terrorist attacks and wars, including Russia’s invasion of Ukraine and the global response to this invasion, which, along with the ongoing effects of the COVID-19 pandemic, could have an adverse impact on IDEX’s business by creating disruptions in the global supply chain and by potentially having an adverse impact on the global economy; 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, all of which could have a material impact on order rates and IDEX’s results; IDEX’s ability to integrate the Muon Group and to acquire, integrate and operate other acquired businesses on a profitable basis; 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 backlogs, including risks affecting component availability, labor inefficiencies and freight logistical challenges; market conditions and material costs; risks related to environmental, social and corporate governance (“ESG”) 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.

About IDEX

IDEX Corporation (NYSE: IEX) makes thousands of products and mission-critical components that improve everyday life all around you. If you enjoy chocolate, it quite possibly passed through a Viking® internal gear pump at the candy factory. If you were ever in a car accident, emergency workers may have used the Hurst Jaws of Life® rescue tool to save your life. If your doctor ordered a DNA test to predict your risk of disease or determine a course of treatment, the lab may have used equipment containing components made by IDEX Health & Science. Founded in 1988 with three small, entrepreneurial manufacturing companies, we’re proud to say that we now call over 45 diverse businesses around the world part of the IDEX family. With more than 8,000 employees and manufacturing operations in more than 20 countries, IDEX is a high-performing, global company with nearly $2.8 billion in annual sales, 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.

Akron Brass & Hale Sponsor Scholarship for Fire Protection Engineering, Administration Program

Company News
August 31, 2022

IDEX Fire & Safety business units Akron Brass and Hale recently partnered with the Fire Apparatus Manufacturers’ Association (FAMA) to sponsor a scholarship for college students in Fire Protection Engineering and Administration programs.

The 2022 Scholarship winner, majoring in Fire Protection Engineering with a minor in civil engineering, was University of New Haven student Andrew Tivadar. Dedicated to protecting the citizens of his hometown, Tivadar is an active member of the Long Hill Fire Department in Trumbull, Connecticut (USA). Tivadar joined the department in December 2017 and now holds the following certifications: Fire I, Fire II, Aerial Operator, and Hazmat Awareness and Operations. He is a Driver/Engineer for the engine and the rescue truck at his station. Recently, Tivadar received the Chief’s Award for Outstanding Dedication to the department and currently serves on their Board of Directors.

To pay for his education, Tivadar currently works as both a small engine mechanic and as a fire protection consultant while maintaining his position on the Dean’s List.

“As leaders in innovative fire suppression products for more than 100 years, we value the importance of education and its role in leading the next generation in shaping the future of the fire and rescue service. Akron Brass and Hale Products are honored to continue our partnership with FAMA and the Phillip L Turner scholarship program. We are thrilled to recognize Andrew Tivadar as this year’s scholarship recipient,” said Brian Houk, Vice President, IDEX Fire & Safety.

Named in honor of Phillip L. Turner, the scholarship was created in 2007 shortly after Philip passed away while serving as President for FAMA. Philip was a major advocate for education and contributed as chairman of FAMA’s Meeting Planning Committee (1998–2004), member of the Board of Directors, secretary and Vice President.

The Phillip L. Turner Scholarship is awarded annually by FAMA and has been sponsored by the Akron Brass Company since 2009.

IDEX Teams Break Records in Third Food Drive Challenge

Company News
July 25, 2022

IDEX employees worldwide rose up and met the IDEX Foundation challenge, addressing food insecurity in their communities by collecting and donating a combined total of 20.5 tons (18,643 kilograms) of non-perishable foods to local food banks, providing an estimated 34,250 meals* to people in need in the second quarter.

As part of its challenge, the IDEX Foundation also gave $5,000 USD to each of the more than 40 local food banks supported by IDEX business units, resulting in an additional $215,000 in direct assistance to help people in need.

“The entire IDEX Foundation board is absolutely overwhelmed with the generosity of our business units and how well our site coordinators performed leading the food drives, which are helping so many people during these times of high inflation,” IDEX Foundation Board President Derrick Goddard said. “I would like to personally thank each site leader and all the local teams who got behind this effort for their continued commitment to their communities. I received multiple messages of sincere thanks from the food banks our teams supported.”

As part of the IDEX Foundation challenge, business units competed for which site could collect the most food for donation. Business units were divided into three size groups depending on number of employees and collected non-perishable food donations in the second quarter. The winners earned a celebratory team meal on IDEX.

This was the third food insecurity campaign led by the IDEX Foundation since the beginning of the pandemic in 2020.

*Feeding America estimates 1.2 pounds of food equals one meal.

Fluid Management Hosts Concert with 123 Andrés, Continue School Partnership

Company News
July 5, 2022

Fluid Management (FM), which manufactures paint dispensing and mixing equipment in Wheeling, Illinois (USA), recently partnered with Jane Addams Elementary school to sponsor a Spring Concert with Latin Grammy winning children’s music duo 123 Andrés! The group performs “Spanish and English songs for little language learners.”

In their sixth year of the partnership, FM & Jane Addams school invited 123 Andrés to play during a school assembly, where over 500 kids enjoyed the interactive concert during the school day. FM team members volunteered to support the event by helping set-up and also put together goodie bags for students.

With funding from the IDEX Foundation, the school also hosted a concert for the community.

“It was incredible to see the engagement from the kids, families, and staff at Jane Addams. The concert was a huge hit, and the principal and teachers were very appreciative of the opportunity to support this unique cultural experience.” Said Mark Bishop, VP of Human Resources

Located near FM’s office, Jane Addams Elementary school serves over 500 students from Pre-K through 6th grade with 79% minority enrollment. Since partnering with the school in 2016, employees have assisted in several projects, including volunteering at the schools’ track and field day, science night, literacy night, funding the “One School One Book” program and more.

 

Warren Rupp Supports YMCA with Food Donations, Celebrates Corporate Social Responsibility Award

Company News
June 27, 2022

Warren Rupp, which received the IDEX 2021 Corporate Social Responsibility (CSR) Award, recently continued their partnership with the local YMCA for “Serving Up Summer” – a weekly program designed to help children stay active and healthy, providing relief to families in Mansfield, Ohio.

To help battle food insecurity, Warren Rupp team members will volunteer every week this summer to ensure students have food for the weekends. Five Warren Rupp team members recently volunteered for a couple of hours to fill more than 100 bags with nutritious snacks, cereal, and non-perishable food items for the kids to take home over the weekend.

Additionally, team members tended to the community vegetable garden, helped sanitize the splash pad and played kickball with local students.

The team at Warren Rupp also celebrated receiving IDEX’s 2021 CSR award and hosted a ceremony and luncheon for employees and valued community partners last week. During the ceremony, Warren Rupp’s General Manager David Llewellyn presented the YMCA of North Central Ohio with $21,000 USD to purchase a new vehicle for their growing “Y on Wheels” program. The donation will help transport staff, equipment and activities locations off the YMCA grounds.

​Warren Rupp has partnered with the YMCA for at least 10 years and was named as one of the YMCA’s local “Heroes” for their overall fundraising commitment in 2018.

Since 2017, Warren Rupp has supported the Mansfield YMCA in several events including Healthy Kids Day, Y on Wheels, Veterans Breakfast, trunk or treat, and more.

 

IDEX Corporation Appoints Alejandro Quiroz Centeno to Board of Directors

Company News
June 16, 2022

IDEX Corporation (NYSE:IEX) today announced the appointment of Alejandro Quiroz Centeno to the company’s Board of Directors. The appointment of Mr. Quiroz, effective June 15, 2022, increases the size of the board from 10 to 11 directors. He will serve on the board’s Compensation Committee.

IDEX Corporation

Mr. Quiroz currently serves as CEO Latin America for Prysmian Group, a global leader in the energy and telecommunications cable systems industry. Prior to joining Prysmian Group, Mr. Quiroz served as President, Aptiv Latin America, leading a $5.5 billion automotive technology business with 75,000 employees and 40 locations in Mexico, Central and South America. His previous experience includes leadership roles in various countries at automotive suppliers Tenneco, Edscha AG and Continental AG, as well as home appliance manufacturer Whirlpool.

“Now that more than half of IDEX revenue comes from outside the United States, we look forward to the perspective and insight that Alejandro will bring based on his significant experience leading international manufacturing organizations,” said IDEX Chief Executive Officer and President Eric D. Ashleman. “He has a strong track record of leveraging applied technologies into long-term competitive advantage within a variety of industries and geographies and will be an ideal fit for IDEX.”

Mr. Quiroz holds a Master of Business Administration degree from the University of Michigan Ross School of Business, and a Bachelor of Science degree in Mechanical Engineering from Universidad de las Americas-Puebla. He is a member of the US-Mexico Foundation and the Latino Corporate Directors Association.

“Alejandro has deep current business experience in markets all over the world, which will bring great value to our board. He will be an excellent addition to an already strong Board of Directors,” said William M. Cook, Non-Executive Chairman of the Board.

About IDEX

IDEX (NYSE: IEX) makes thousands of products and mission-critical components that improve everyday life all around you. If you enjoy chocolate, it quite possibly passed through a Viking® internal gear pump at the candy factory. If you were ever in a car accident, emergency workers may have used the Hurst Jaws of Life® rescue tool to save your life. If your doctor ordered a DNA test to predict your risk of disease or determine a course of treatment, the lab may have used equipment containing components made by IDEX Health & Science. Founded in 1988 with three small, entrepreneurial manufacturing companies, we’re proud to say that we now call over 45 diverse businesses around the world part of the IDEX family. With more than 7,500 employees and manufacturing operations in more than 20 countries, IDEX is a high-performing, global company with nearly $2.8 billion in annual sales, committed to making trusted solutions that improve lives. IDEX shares are traded on the New York Stock Exchange under the symbol “IEX”.

View source version on businesswire.comhttps://www.businesswire.com/news/home/20220616005193/en/

IDEX Energy Partners with Boys & Girls Club, Teaches Students about Engineering & Physics

Company News
May 31, 2022

Leadership team members from the IDEX Energy group, which includes Advanced Flow Services (AFS), FlowMD, Toptech Systems, and Sampi, recently gathered in Florida and participated in a volunteer activity with the East Altamonte Boys & Girls Clubs of Central Florida (BGCCF).

A group of more than fifteen leaders visited the local BGCCF facility and partnered with thirty students (ages 6-12) to build zipline racers using basic engineering & physics concepts. Students were introduced to concepts such as kinetic energy, thrust, velocity, and torque.

With leaders divided into seven groups, IDEX volunteers guided students through the activity, using paper clips, popsicle stick frames, propellers, and rubber bands.

“After some trial and error, most of the racers went very fast. All the students had a blast,” said Arianna Harris, Marketing Manager at Toptech. “There were oohs and aahs and even applause after each racer successfully finished the course.”

Students also enjoyed pizza and cupcakes to celebrate a few of the IDEX volunteer birthdays and IDEX team member Gabriele Attala even taught students a few phrases in Italian.

Over the years, Toptech has partnered closely with the East Altamonte Boys & Girls Clubs of Central Florida, including hosting many events and even building a technology and activity center.

FlowMD Helps Battle Food Insecurity in Thailand, Packs More than 15,000 Meals

Company News
May 26, 2022

FlowMD, a unit of the IDEX Energy group, recently partnered with Feed My Starving Children (FMSC) in Phoenix, Arizona to help fight food insecurity.

Twelve employees from the Engineering, Marketing, Quality, Production, Field Service, Accounting, Shipping, and Purchasing departments hand-packed bags with rice, soy, dried vegetables and a nutritionally complete blend of vitamins and minerals. After filling bags with food, team members also sealed, boxed, and placed packages on pallets for shipping.

In less than two hours team members packed a total of 70 boxes, providing almost 15,000 meals for children in Thailand!

“This was our first off-site event as a company, but we hope to continue partnering with FMSC and other organizations to make a difference in communities in need,” Human Resources Generalist Carissa Gonzalez said.

Flow MD engineers and manufactures technically-differentiated “unidirectional captive displacement provers,” also called “small volume provers,” used in the custody transfer of petroleum products, particularly on pipelines. In a market where slight inaccuracies in flow meter measurements at transfer points can result in enormous payment discrepancies for customers, Flow MD’s calibration products serve a critical application.

Located near the FlowMD facility, Feed My Starving Children (FMSC) is a non-profit that provides nutritionally complete meals specifically formulated for malnourished children. Founded in 1987, FMSC helps ship essential foods through over 200 channels to orphanages, schools, clinics, and food programs across 70 countries.

IH&S Colleagues Build Garden Beds, Provide Fresh Food for Employees

Company News
May 25, 2022

IDEX Health & Science team members at the Life Science Optics Center of Excellence in West Henrietta, New York, began building a community garden to provide fresh, healthy food for employees last year.

Prior to joining the team at the Optics Center of Excellence, Optical Filters Manufacturing Associate Khalil Aboushama, maintained a garden of his own at the Semrock facility in Gates, New York. When that location was moved to the current John Street location, he wanted to continue serving his colleagues.

Inspired by Khalil and his enthusiasm for gardening, IH&S team members partnered with him to start the new garden.

IDEX Fire & Safety Partners with IDEX Foundation, iEmpathize for First Responder Training

Company News
May 20, 2022

IDEX Fire & Safety (IF&S) recently collaborated with the IDEX Foundation to donate funds for iEmpathize – a non-profit organization which equips adults and first responders with skills to recognize and help eradicate child exploitation and human trafficking.

IF&S donated $25,000 USD to support iEmpathize’s First Responder Training course, offering classroom education on child exploitation and human trafficking prevention to the same first responders that IDEX Fire & Safety’s trusted brands serve on the fireground. The First Responder Training course is designed to address human trafficking specifically from the unique perspective of a firefighter, EMT, paramedic and 911 dispatcher. First responders are uniquely positioned to identify trafficking situations and are often the first to encounter a potential victim or crime. Their role is critical in identifying and responding to human trafficking cases.

“Adults intersect with vulnerable and victimized youth every day, yet cases continue to increase,” said Mark Brende, Engagement Coordinator for the non-profit group, iEmpathize. “By funding our First Responder Training course, IDEX Fire & Safety is helping us provide the tools and equip first responders to identify, report and respond to the issues of child exploitation and human trafficking. We extend our thanks to IDEX Fire & Safety and the IDEX Foundation and appreciate their partnership in the fight against human trafficking.”

IDEX Fire & Safety’s trusted brands in North America include Akron Brass, Hale and HURST Jaws of Life, all of which serve first responders with equipment for the rescue scene. The partnership with iEmpathize allows IDEX Fire & Safety to broaden that commitment to saving lives.

“Building on a long tradition of supplying first responders with the equipment they need on the frontline, we’re equipping firefighters with a different tool to save lives: awareness of human trafficking” said Bill Simmons, president, IDEX Fire & Safety. “We’re proud that IDEX Fire & Safety is able to contribute to such an important initiative and are appreciative of yet another way first responders are saving lives every day.”

“This partnership reflects our commitment to providing trusted solutions to improve lives in a very different, overarching and powerful way,” said Bruce Johnston, Director of Marketing, IDEX Fire & Safety North America Fire & Safety. “The everyday tasks we do, day in and day out, contribute to our promise to work tirelessly to make the fire ground and rescue scene safer. Now, we can take that promise one step further with making the world safer for vulnerable youth.”

Photo Courtesy of iEmpathize

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