Category: News Release

IDEX Corporation Completes Acquisition of Flow Management Devices LLC

Company News
February 28, 2020

IDEX Corporation (NYSE:IEX) today completed its previously announced acquisition of Flow Management Devices, LLC (Flow MD), a privately-held provider of flow measurement systems that ensure custody transfer accuracy in the oil and gas industry.

“Adding Flow MD to the IDEX family of businesses extends our expertise in the energy sector, where we already serve refineries, chemical manufacturers and pipeline operators,” IDEX Chairman and CEO Andy Silvernail said. “We welcome all Flow MD employees and customers to IDEX. We look forward to fully integrating the company into our unique values-based culture and operating model.”

Flow MD joins IDEX’s energy group, complementing the pump and metering systems produced by fellow IDEX companies SAMPI, Toptech Systems, Liquid Controls and Corken. Flow MD products are known for their accuracy, repeatability, and reliability, with technology that is liquid and meter agnostic. In addition to its headquarters and manufacturing facilities in Phoenix, Flow MD has offices in Houston and Pittsburgh.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20200228005541/en/

IDEX Chief Operating Officer Eric Ashleman Named President

Company News
February 24, 2020

The IDEX Corporation (NYSE:IEX) Board of Directors voted February 21 to award Chief Operating Officer (COO) Eric Ashleman the additional title of President. The title had been held by Chairman and Chief Executive Officer Andy Silvernail, who retains those two positions.

The addition of the title President reflects Ashleman’s continued development as a senior leader and the impact he has on the organization. Ashleman has been COO for five years, during which time he has been an integral part of the IDEX’s success, including his role in developing the company’s distinct culture, business model and strategy. This decision is part of the Board of Director’s disciplined approach to long-term executive development and succession planning.

“Eric’s leadership and vision have been instrumental to the success of our company. He has been on the forefront of our unique approach to building an extraordinary enterprise that delivers excellence for our customers, shareholders, team, and community,” Silvernail said.

Ashleman and Silvernail have worked together at IDEX for more than a decade and IDEX has thrived under their partnership, posting significant growth in sales, margin, earnings, and return on capital. Since Ashleman became COO in July 2015, Total Shareholder Return for IDEX has increased 138 percent, more than double the return for the S&P 500 over that same period of time.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20200224005920/en/

 

About IDEX

IDEX is a global fluidics leader serving high growth specialized markets. We are best known for our expertise in highly engineered fluidics systems and components, as well as for our expertise in fire and safety products including the Jaws of Life® family of rescue and recovery tools. Our products touch lives every day. Whether it’s a life-saving rescue operation, dispensing fresh juice to a first grader or fueling aircraft, IDEX is a leader in creating enabling technology used in many of the most common everyday activities. For more information, please visit www.idexcorp.com. IDEX shares are traded on the New York Stock Exchange under the symbol “IEX.”

 

IDEX Reports Fourth Quarter and Record Full Year 2019 Results

News Release
January 29, 2020

LAKE FOREST, Ill.–(BUSINESS WIRE)–Jan. 29, 2020– IDEX Corporation (NYSE: IEX) today announced its financial results for the three- and twelve- month periods ended December 31, 2019.

Full Year 2019 Highlights

  • Reported operating margin was 23.2 percent with adjusted operating margin of 24.2 percent, up 80 bps
  • Reported EPS was $5.56 with adjusted EPS of $5.80, up 7 percent
  • Free cash flow was a record of $477.2 million, up 13 percent
  • Acquired the stock of Velcora Holding AB and its operating subsidiaries, Roplan and Steridose in July 2019

View full report at: https://investors.idexcorp.com/news-releases/news-release-details/idex-reports-fourth-quarter-and-record-full-year-2019-results

IDEX Corporation to Acquire Flow Management Devices LLC

Company News
January 29, 2020

IDEX Corporation (NYSE:IEX) today announced that it has entered into a definitive agreement to acquire Flow Management Devices, LLC (Flow MD), a privately-held provider of flow measurement systems that ensure custody transfer accuracy in the oil and gas industry, for cash consideration of $125 million, before closing adjustments.

Flow MD engineers and manufactures technically-differentiated “unidirectional captive displacement provers,” also called “small volume provers.” 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.

Flow MD has annual sales of approximately $60 million, and will join IDEX’s energy group, complementing the pump and metering systems produced by fellow IDEX companies SAMPI, Toptech Systems, Liquid Controls and Corken.

“Adding Flow MD to the IDEX family of businesses will extend our expertise in providing highly-engineered solutions to energy customers, including refineries, chemical manufacturers and pipeline operators,” IDEX Chairman and CEO Andy Silvernail said. “In our unique structure, companies retain a great deal of autonomy, while benefitting from the expertise and operating model at IDEX. Flow MD should flourish as part of our culture, where great teams win together by focusing on the things that matter most, combined with an obsession for solving our customers’ most challenging problems.”

To read the full announcement, click here

 

 

IDEX Reports Third Quarter Results; Delivers Record Adjusted Gross and Operating Margin

News Release
October 29, 2019

LAKE FOREST, Ill.–(BUSINESS WIRE)–Oct. 29, 2019– IDEX Corporation (NYSE: IEX) today announced its financial results for the three month period ended September 30, 2019.

Third Quarter 2019 Highlights

  • Sales were flat overall and organically
  • Gross margin was 45.2 percent with adjusted gross margin of 45.7 percent, an all-time high
  • Reported operating margin was 22.7 percent with adjusted operating margin of 25.2 percent, up 120 bps
  • Reported EPS was $1.37 with adjusted EPS of $1.52, up 8 percent
  • Cash from operations of $157.1 million led to FCF of $146.0 million, an all-time high

 

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

 

IDEX Corporation Joining S&P 500

News Release
August 2, 2019

S&P Dow Jones Indices has announced that IDEX Corporation (NYSE: IEX) will join the S&P 500® effective before the open of trading on Friday, August 9.

“Becoming part of the S&P 500, a leading barometer of overall economic performance, is a tremendous honor for our company and our people worldwide,” IDEX Chairman and CEO Andrew K. Silvernail said. “It further marks the tremendous growth our team has achieved. The trusted solutions we produce for companies across myriad industries – from dosing pumps for clean water, to life-saving tools used by rescue workers, to components used in DNA sequencing machines – truly improve lives every day. Being added to the S&P 500 validates our teams’ dedication to results and obsession with solving customers’ most challenging problems.”

IDEX will also be added to the S&P 500 GICS Industrial Machinery Sub-Industry index and removed from the S&P MidCap 400.

S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®.

 

To view the full announcement, click here

IDEX Reports Second Quarter Results; Delivers Record Operating Margin and EPS; Raises Low End of Full Year EPS Guidance

News Release
July 25, 2019

LAKE FOREST, Ill.–(BUSINESS WIRE)–Jul. 25, 2019– IDEX Corporation (NYSE: IEX) today announced its financial results for the three month period ended June 30, 2019.

Second Quarter 2019 Highlights

  • Sales were up 1 percent overall and 3 percent organically
  • Reported operating margin was 24.2 percent with adjusted operating margin of 24.5 percent, up 90 bps
  • Reported EPS was $1.48 with adjusted EPS of $1.50, up 7 percent
  • Acquired Velcora Holding AB in July

 

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

IDEX Corporation Acquires Velcora Holding AB

Company News
July 18, 2019

IDEX Corporation (NYSE:IEX) today announced the acquisition of Velcora Holding AB and its Roplan and Steridose businesses from FSN Capital Partners for cash consideration of 1.28 billion Swedish kronor (~$137 million).

Roplan is a global manufacturer of custom mechanical and shaft seals for a variety of end markets including food & beverage, marine, chemical, wastewater and water treatment. Steridose develops engineered hygienic mixers and valves for the global biopharmaceutical industry. Both companies are headquartered in Sweden, with operations in China, the United Kingdom and the United States. Total revenues are approximately 375 million Swedish kronor (~$40 million).

“We welcome Roplan and Steridose to the IDEX family of businesses. These companies complement both our Sealing Solutions as well as Health and Sciences platforms well,” IDEX Chairman and CEO Andy Silvernail said. “In our unique structure, companies retain a great deal of autonomy, while benefitting from the expertise and operating model at IDEX. Roplan and Steridose should flourish as part of our culture, where great teams win together by focusing on the things that matter most, combined with an obsession on solving our customers’ most challenging problems.”

To view source version on businesswire.com: https://www.businesswire.com/news/home/20190718005337/en/

IDEX Corporation Announces Appointment of Carl R. Christenson to Board of Directors

News Release
June 17, 2019

LAKE FOREST, Ill.–(BUSINESS WIRE)—June 17, 2019– IDEX Corporation (NYSE:IEX) today announced the appointment of Carl R. Christenson to the company’s Board of Directors. The appointment of Mr. Christenson, effective immediately, increases the size of the Board from nine to ten directors. Mr. Christenson will serve on the Board’s Compensation Committee.

“The experience Carl brings as a Chief Executive Officer of a public company is an ideal fit with IDEX. He has a proven ability to accelerate growth while executing strategic acquisitions and driving superior shareholder returns,” IDEX Chairman and Chief Executive Officer Andrew K. Silvernail said. “Carl’s vast industry experience and track record as a values-driven leader of global organizations will be a tremendous asset to our Board and management.”

Mr. Christenson serves as Chairman and CEO of Altra Industrial Motion Corp. (“Altra”) (NASDAQ: AIMC), a leading global designer, producer and marketer of a wide range of electromechanical power transmission motion control products. Prior to his current position, Mr. Christenson served as President and Chief Operating Officer of Altra from January 2005 to December 2008. From 2001 to 2005, Mr. Christenson was President of Kaydon Bearings, a manufacturer of custom-engineered bearings and a division of Kaydon Corporation. Prior to joining Kaydon, Mr. Christenson held several management positions at TB Wood’s Incorporated and several positions at the Torrington Company.

Mr. Christenson holds M.S. and B.S. degrees in Mechanical Engineering from the University of Massachusetts and an M.B.A. from Rensselaer Polytechnic Institute.

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 40 diverse businesses around the world part of the IDEX family. With 7,000 employees and manufacturing operations in more than 20 countries, IDEX is a high-performing, global $2+ 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.

Source: IDEX Corporation

IDEX Corporation

William K. Grogan

Senior Vice President –Chief Financial Officer

847.498.7070

IDEX Corporation Signs “Equity Principles” Pledge, Committing to Achieve Gender Equity in Leadership by 2030

News Release
June 10, 2019

June 10, 2019 – LAKE FOREST, ILLINOIS – IDEX Corporation (NYSE: IEX) today became a founding pledge partner in The Chicago Network’s new Equity Principles Campaign. IDEX Chairman & CEO Andrew K. Silvernail signed the pledge, committing the company to work toward achieving gender equity in leadership roles throughout the organization by 2030.

“The importance of women serving in leadership roles – and the societal demands for gender equity – have never been greater,” Silvernail said. “Women in leadership bring valuable differences in thought and experience. While we have a long way to go, diversifying leadership across our organization continues to be a goal as we strive for ongoing success.”

The Equity Principles Campaign provides companies with a practical toolkit with clear actions to take, such as identifying and removing barriers in the employment life cycle – from hiring to performance reviews – so that opportunities for conscious and unconscious bias are removed. Details about the pledge and toolkit can be found at www.thechicagonetwork.org/equityprinciples.

 

“Gender parity in manufacturing leadership is essential to having the perspective and balance that leads to optimal performance. Bottom line – it just makes good business sense,” said IDEX Senior Vice President and General Counsel Denise Cade, who also serves as a board member for The Chicago Network. “I’m proud to be part of an organization that understands the necessity of this pledge.”

The Chicago Network is an organization of more than 500 influential women that aims to empower women to lead, with a vision of gender equity throughout organizations.

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 40 diverse businesses around the world part of the IDEX family. With 7,000 employees and manufacturing operations in more than 20 countries, IDEX is a high-performing, global $2+ billion company committed to making trusted solutions that improve lives. IDEX shares are traded on the New York Stock Exchange under the symbol “IEX”.

 

 

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