(All comparisons are against the third quarter of 2022 unless otherwise noted)
Sales of $793.4 million, down 4% overall and 6% organically
Reported diluted EPS of $2.75, up 17%, and adjusted diluted EPS of $2.12, down 1%, included a lower effective tax rate
Strong operating cash flow of $227 million, up 14%; record free cash flow of $207 million, up 14%
Divested Micropump, Inc. for $110 million in cash, resulting in gain of $71 million, net of taxes
Full year GAAP EPS guidance raised to $7.91 to $7.96 from prior guidance of $6.80 to $6.90
Full year adjusted EPS guidance raised to $8.13 to $8.18 from prior guidance of $7.90 to $8.00
NORTHBROOK, IL, October 25, 2023 – IDEX Corporation (NYSE: IEX) today announced its financial results for the three month period ended September 30, 2023.
“IDEX delivered strong profitability and achieved record free cash flow in the third quarter,” said Eric D. Ashleman, IDEX Corporation Chief Executive Officer and President. “Our teams continue to execute for customers and shareholders in a dynamic environment of transition and recalibration.”
“We believe the divergent rates of destocking in our end markets have largely run their course, returning us to more typical backlog and lead time levels. Our focus is to leverage our 8020 philosophy and disproportionately allocate resources to those application niches with the highest potential.”
“We remain dedicated to our long-term focus as we continue to aggressively deploy capital to support organic growth and M&A. Our balance sheet has ample capacity to deliver on our goals, and our funnel of potential acquisitions remains strong and of high quality.”
2023 Outlook
Full year 2023 organic sales are projected to decline 1% to 2% over the prior year, with GAAP diluted EPS of $7.91 – $7.96 (adjusted diluted EPS of $8.13 – $8.18). Fourth quarter 2023 organic sales are projected to decline 8% to 9% over the prior year period, with GAAP diluted EPS of $1.50 – $1.55 (adjusted diluted EPS of $1.74 – $1.79).
NORTHBROOK, IL (August 30, 2023) – IDEX Corporation (NYSE:IEX) announced today the appointment of Allison S. Lausas as interim Chief Financial Officer of the company, following the resignation of Senior Vice President and Chief Financial Officer William K. Grogan who is leaving IDEX to pursue a new professional opportunity. Both changes are effective September 15, 2023.
Ms. Lausas joined IDEX two years ago as Vice President and Chief Accounting Officer, and she will continue to serve in the role as well during this interim period. Prior to joining the company, from 2011 to 2021, Ms. Lausas held positions of increasing responsibility at SunCoke Energy, Inc., including most recently as interim Senior Vice President, Chief Financial Officer and Controller. Earlier in her career, she worked for KPMG for nine years, where she developed an extensive business and accounting background. Ms. Lausas received her Bachelor of Science degree in Accountancy, Master of Accounting Science and MBA from Northern Illinois University and is a certified public accountant.
“I have great confidence in Allison’s expertise to lead our financial functions during this interim period. She has made great contributions in her time with IDEX, and we are fortunate to have her as an essential member of our talented finance team,” IDEX CEO and President Eric Ashleman said.
Mr. Ashleman also thanked Bill, saying, “I hired Bill initially as my operating finance partner within a small piece of IDEX. Over almost twelve years of service, seven years as CFO, he has helped our broader team create tremendous value for stakeholders. Most importantly, he has led by example and built a high-performance finance organization grounded in our cultural values.”
“As both a colleague and a friend, I wish him nothing but great things as he takes this next step in his career,” Mr. Ashleman said.
IDEX has begun a search to consider both internal and external candidates for the Chief Financial Officer role.
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 50 diverse businesses around the world part of the IDEX family. With more than 8,500 employees and manufacturing operations in more than 20 countries, IDEX is a high-performing, global company with over $3.1 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.
(All comparisons are against the second quarter of 2022 unless otherwise noted)
Record sales of $846.2 million, up 6% overall and 3% organically
Reported EPS of $1.82, up 1% and record adjusted EPS of $2.18, up 8%
Strong operating cash flow of $141 million, up 26%; free cash flow of $120 million, up 24%
Completed acquisition of Iridian Spectral Technologies on May 19, 2023
NORTHBROOK, Ill.–(BUSINESS WIRE)–Jul. 26, 2023– IDEX Corporation (NYSE: IEX) today announced its financial results for the three month period ended June 30, 2023.
“IDEX achieved record sales and adjusted earnings per share in the second quarter,” said Eric D. Ashleman, IDEX Corporation Chief Executive Officer and President. “Our view on core IDEX industrial markets continues to hold as inventory and backlog recalibrates in line with our supply chain improvements and lead time reductions. Our Fluid & Metering and Fire & Safety / Diversified Products businesses delivered strong organic growth and profitability within this environment.”
“Our businesses within our Health & Science Technologies segment remained challenged, impacted by customers’ sharp inventory recalibration and demand softness after two years of double-digit growth. At this point we no longer expect market recovery within the second half of the year. Our teams are appropriately balanced as they execute targeted cost reductions to mitigate a portion of these volume declines, drive strong cash flow overall, and continue to innovate for our customers.”
“Regardless of macroeconomic fluctuations, we remain focused on initiatives to drive long-term growth. IDEX continues to be well positioned in markets with strong secular growth trends and critical technologies that enable above-market performance over an economic cycle. Our balance sheet is strong and provides ample capacity to fund our disciplined capital deployment strategy.”
2023 Outlook Full year 2023 organic sales are projected to decline 1 to 2 percent over the prior year, with GAAP EPS of $6.80 – $6.90 (adjusted EPS of $7.90 – $8.00).
Third quarter 2023 organic sales are projected to decline 7 to 8 percent over the prior year period, with GAAP EPS of $1.60 – $1.65 (adjusted EPS of $1.84 – $1.89).
Northbrook, Illinois (May 22, 2023) – IDEX Corporation(NYSE:IEX) today announced that it has completed its previously-announced acquisition of Iridian Spectral Technologies (“Iridian”), a global leader in designing and manufacturing thin-film, multi-layer optical filters.
Based in Ottawa, Ontario, Canada, Iridian has proven expertise in optical filter design and production, serving the laser communications, telecommunications, and life sciences markets. Iridian provides support throughout a product’s lifecycle, from initial prototyping to high-volume manufacturing. It offers advanced, proprietary thin-film design deposition and manufacturing technology of durable, high-performance filter optics.
“The addition of Iridian expands our already strong array of optical technology offerings and aligns with our company’s strategic growth plans,” IDEX Chief Executive Officer and President Eric Ashleman said. “We welcome the Iridian team to IDEX, where they will increase our offerings in core markets we serve now and allow us to expand into new ones.”
Iridian joins IDEX Optical Technologies (CVI Laser Optics, CVI Infrared Optics, and Advanced Thin Films) within Scientific Fluidics & Optics in IDEX’s Health & Science Technology segment. Iridian will also be a strong partner in the life science filters business driven by the Semrock team of IDEX Health & Science.
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 Iridian, the expected impact of the acquisition on IDEX’s product offerings or proposed product offerings, the enhancement of IDEX’s business strategy, and expected growth opportunities. 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 and adverse developments affecting the financial services industry; 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; the impact of health epidemics and pandemics and terrorist attacks and wars, including the ongoing conflict between Russia and Ukraine, which 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; IDEX’s ability to integrate Iridian 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 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 50 diverse businesses around the world part of the IDEX family. With more than 8,500 employees and manufacturing operations in more than 20 countries, IDEX is a high-performing, global company with over $3.1 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 IDEX’s website at www.idexcorp.com.
(All comparisons against the first quarter of 2022 unless otherwise noted)
First Quarter 2023 Highlights
Record sales of $845 million, up 13% overall and 6% organically Reported EPS of $1.84, up 1% and adjusted EPS of $2.09, up 7% Strong operating cash flow of $148 million, up 86%; free cash flow of $121 million, up 91% Reached agreement in April 2023 to purchase Iridian Spectral Technologies
NORTHBROOK, Ill.–(BUSINESS WIRE)–Apr. 26, 2023– IDEX Corporation (NYSE: IEX) today announced its financial results for the three month period ended March 31, 2023.
“IDEX delivered strong results in the first quarter,” said Eric D. Ashleman, IDEX Corporation Chief Executive Officer and President. “We achieved record sales with positive organic growth across all three of our segments, earnings per share above the high end of our guidance, and strong free cash flow. Strength in our Fluid & Metering Technologies and our Fire & Safety / Diversified Products businesses provided near-term mitigation against the impacts of the anticipated inventory correction experienced within our Health & Science Technologies businesses.”
“As we progressed through the quarter, customers across our Health & Science Technologies segment indicated a larger, more prolonged inventory correction than previously communicated. End market demand is still positive, but we believe our customers have sufficient inventory of our critical components to support that demand. With the revised 2023 revenue growth outlook for Health & Science Technologies now negative, we have proactively executed targeted cost reductions to offset a portion of this pressure. Based on our current outlook, we are lowering our full year 2023 adjusted EPS guidance to $8.25 to $8.55 per share.”
“The markets served by our Health & Science Technologies businesses have strong fundamental secular growth trends. We remain well-positioned, solving difficult problems with customers on the cutting edge of new technologies, and our organic and inorganic pipeline supports our aspirations to deliver outstanding business performance.” Ashleman continued, “We continue to execute on our strong M&A strategy and are excited to announce our intent to acquire Iridian Spectral Technologies for 150 million Canadian dollars. This highly strategic asset brings capabilities that expand our optical filters portfolio serving the space, life science and telecommunications markets. We expect this transaction to close in the second quarter, subject to customary closing conditions.”
2023 Outlook
Full year 2023 organic sales growth is projected to be 0 to 3 percent over the prior year period, with GAAP EPS of $7.30 to $7.60 (adjusted EPS of $8.25 to $8.55).
Second quarter 2023 organic sales growth is projected to be approximately 3 percent, with GAAP EPS of $1.86 to $1.89 (adjusted EPS of $2.10 to $2.13).
Northbrook, Illinois, (April 26, 2022) – IDEX Corporation (NYSE:IEX) today announced it has entered into a definitive agreement to acquire Iridian Spectral Technologies (“Iridian”) for cash consideration of 150 million Canadian dollars (“CAD”), subject to customary adjustments. The acquisition complements existing IDEX optical coating expertise, allowing IDEX to expand its core capabilities to support current and future markets.
Iridian is a global leader in designing and manufacturing thin-film, multi-layer optical filters serving the laser communications, telecommunications, and life sciences markets. The purchase is expected to close later this quarter, subject to customary closing conditions, at which point Iridian will join the businesses of IDEX Optical Technologies in IDEX’s Health & Science Technology segment. Iridian will also be a strong partner in the life science filters business driven by the Semrock team of IDEX Health & Science.
“This acquisition strongly supports our strategic growth plan,” IDEX Chief Executive Officer and President Eric Ashleman said. “It expands our talent, technology and product portfolio in optical filters, enabling us to better compete in our core markets, and expand into new markets that we believe will drive profitable growth.”
Iridian has proven expertise in optical filter design and production, providing support throughout a product’s lifecycle, from initial prototyping to high-volume manufacturing. They offer advanced, proprietary thin-film design deposition and manufacturing technology of durable, high-performance filter optics.
Iridian has a strong brand reputation and an established, loyal customer base, which complements the IDEX Optical Technology brands (CVI Laser Optics, CVI Infrared Optics, and Advanced Thin Films) along with the IDEX Health & Science, Semrock optical filters product line.
Privately held and based in Ottawa, Ontario, Canada, Iridian expects fiscal year 2023 sales of approximately CAD 36 million and EBITDA margin in the low 30s.
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 margin of Iridian for FY 2023 because we are unable to quantify certain amounts that would be required to be included in Iridian’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.
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 Iridian, the expected impact of the acquisition on IDEX’s product offerings or proposed product offerings, the enhancement of IDEX’s business strategy, integration plans, expected growth opportunities, the projected sales and EBITDA margin of Iridian, and the expected timing 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: levels of industrial activity and economic conditions in the U.S. and other countries around the world, including uncertainties in the financial markets and adverse developments affecting the financial services industry; 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; the impact of health epidemics and pandemics and terrorist attacks and wars, including the ongoing conflict between Russia and Ukraine, which 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; IDEX’s ability to integrate Iridian 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 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 50 diverse businesses around the world part of the IDEX family. With more than 8,500 employees and manufacturing operations in more than 20 countries, IDEX is a high-performing, global company with over $3.1 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 IDEX’s website at www.idexcorp.com.
Investor Contact
IDEX Corporation Allison Lausas Vice President and Chief Accounting Officer +1 847-498-7070 investorrelations@idexcorp.com
Media Contact:
IDEX Corporation Mark Spencer +1 847-457-3793 mdspencer@idexcorp.com
(All comparisons against the fourth quarter of 2021 unless otherwise noted)
Reported EPS of $1.71, up 10% and adjusted EPS of $2.01, up 18%
Orders of $803.4 million, up 1% overall and 1% organically
Sales of $810.7 million, up 13% overall and 12% organically
Net income of $130.0 million; net income margin of 16.0%, down 60 basis points
Adjusted EBITDA of $218.9 million; Adjusted EBITDA margin of 27.0%, up 10 basis points
Full Year Highlights
(All comparisons against full year 2021 unless otherwise noted)
Record reported EPS of $7.71, up 31% and record adjusted EPS of $8.12, up 18%
Record orders of $3.3 billion, up 8% overall and 5% organically
Record sales of $3.2 billion, up 15% overall and 13% organically
Net income of $586.7 million; net income margin of 18.4%, up 210 basis points
Record Adjusted EBITDA of $884.2 million; Adjusted EBITDA margin of 27.9%, up 20 basis points
Invested more than $1 billion for acquisitions, capital projects and share repurchases
“IDEX achieved another record year in 2022, and our teams continue to deliver on multiple fronts,” said
Eric D. Ashleman, IDEX Corporation Chief Executive Officer and President. “We expanded capacity and
throughput to better meet customer expectations. We applied focused innovation to solve tough problems
for our best customers, driving above-market performance and continued strong price capture while
deploying record capital to bring three high quality growth businesses into the portfolio to support our
future goals.”
“We anticipate 2023 will be an uncertain period of transition as we calibrate with customers to adjust to
compression within the end-to-end order fulfillment cycle as well as broader global macroeconomic shifts.
IDEX faces all of that within a short cycle framework which limits visibility, but supports quick adaptation
and business alignment. We continue to monitor conditions across our diverse portfolio of businesses
and expect to course-correct quickly as conditions warrant. Regardless of market conditions, we believe
IDEX teams are prepared to navigate the challenges and opportunities ahead.”
Northbrook, Illinois (November 18, 2022) – IDEX Corporation (NYSE:IEX) today announced that it has completed its previously-announced acquisition of micro-precision technology manufacturing company Muon B.V. and its subsidiaries (“Muon Group”).
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.
“The Muon Group companies are an IDEX-like collection of businesses, making precise, highly-engineered solutions for mission-critical applications, with a values-based culture that very much matches ours. I’m pleased to welcome the Muon Group team to the IDEX family,” IDEX Chief Executive Officer and President Eric Ashleman said.
“It’s clear that joining a global manufacturing company like IDEX will give us tremendous opportunities to continue scaling up our growth. Becoming part of the IDEX culture and operating model will give us resources, rigor and colleagues that we believe will help us together achieve even greater things,” said Michiel Barendse, Managing Director of Muon Group.
Muon Group will report into IDEX’s Health & Science Technology (HST) segment.
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. 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.
Katrina L. Helmkamp, who was appointed Non-Executive Chair of the IDEX Corporation Board of Directors, effective October 1, 2022.
IDEX Corporation (NYSE: IEX) today announced that Katrina L. Helmkamp has been appointed Non-Executive Chair of its Board of Directors, effective October 1, 2022.
Ms. Helmkamp has served as an independent director and member of the IDEX Board since November 2015, and as a member of multiple Board committees, including as Chair of the Nominating and Corporate Governance Committee. As President and CEO of Cartus Corporation, the relocation services subsidiary of Anywhere Real Estate Inc., and in her previous roles as CEO of Lenox Corporation and Vice President Global Refrigeration for Whirlpool Corporation, she has gained extensive global business experience, with operating leadership skills and experience across multiple markets and technologies.
“The impact of IDEX’s highly engineered products used in mission-critical applications can be seen in so many industries worldwide. I am committed to and proud to support IDEX in its continued success,” Ms. Helmkamp said.
Ms. Helmkamp succeeds William M. Cook, who after fourteen years of serving on the IDEX Board has announced his intention to retire. Mr. Cook has been an invaluable contributor to the Board of Directors and the company, serving in various leadership roles including as a member and Chair of the Audit Committee, Lead Director, and most recently, as Non-Executive Chairman of the Board.
Ms. Helmkamp continued, “It is no surprise that the National Association of Corporate Directors (NACD) named Bill Cook its ‘Public Company Director of the Year’ in 2021. His presence will be greatly missed by the Board, and I am honored to continue the work to support IDEX in creating value for shareholders and innovative and valued solutions for customers.”
Mr. Cook noted, “What first attracted me to the IDEX Board of Directors remains there today. It is a world-class Board, bringing together highly intelligent and results-driven business executives in a very collaborative culture, where everyone always brings their ‘best game.’ Katrina is a natural choice to be the next Chair of the Board of Directors. She has what it takes to be an outstanding leader.”
“As we look to the future, I am excited to continue working with Katrina to build on IDEX’s long track record of success,” said Eric D. Ashleman, CEO and President of IDEX Corporation. “I also want to thank Bill, on behalf of the entire organization, for the remarkable leadership and unwavering encouragement he has provided during his 14 years of service on the IDEX Board.”
With Mr. Cook’s departure, effective October 1, 2022, the size of the Board will decrease from 11 to 10 directors.
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.
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Northbrook, Illinois (November 18, 2022) – IDEX Corporation (NYSE:IEX) today announced that it has completed its previously-announced acquisition of micro-precision technology manufacturing company Muon B.V. and its subsidiaries (“Muon Group”).