IDEX Corporation Completes Acquisition of Airtech

Company News
June 14, 2021

IDEX Corporation (NYSE:IEX) today completed its previously announced acquisition of Airtech Group, Inc., US Valve Corporation and related entities from investment funds managed by EagleTree Capital.

Airtech designs and manufactures a wide range of highly-engineered pressure technology products, including vacuum pumps, regenerative blowers, compressor systems and valves. The company provides customized solutions across diversified end markets such as alternative energy, food processing, medical, packaging and transportation. Airtech serves clients globally, with operations in the United States, Europe and Asia.

“Airtech and its employees worldwide are a welcome addition to the IDEX family of businesses, expanding our expertise in specialized, high-performing air moving technologies,” IDEX Chief Executive Officer and President Eric Ashleman said. “We look forward to fully integrating the Airtech team into our global company. Airtech’s highly-engineered pneumatic solutions further our ability to solve the most difficult problems for our customers.”

Airtech’s headquarters and largest manufacturing facility are in Rutherford, New Jersey. The company has other manufacturing operations in Werneck, Germany and Shenzhen, China. Airtech joins IDEX’s Health & Science Technology segment.

About IDEX

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

Fluid Management Releases AccuSmart Series for Enhanced Productivity, Ease of Use

Company News
June 14, 2021

Workers in paint departments of large hardware stores and paint manufacturers will have an easier job maintaining their equipment thanks to innovations by an IDEX company. A leader in paint dispensing equipment, mixers and shakers, Fluid Management today announced the release of their Accusmart Dispenser Series.

Based on voice of the customer (VOC) research in the early stages of product development, the team aimed to relieve a major pain point for paint operators – daily maintenance.

In the past, paint operators would have to “purge,” or clean, the tiny tubes of their dried colorants at the end of each day to ensure dispense accuracy and prevent mistinted paint colors. The machine includes a new sealing system that reduces the risk of colorants drying in the tubing and nozzle.

With new Dew Point Intelligence (DPI™) at the core of the dispensers, colorants dry less quickly, enabling operators to purge less frequently and waste less paint.

“The AccuSmart™ series are not just “tinters” they are the “smart” choice to help drive our customers’ Paint business and growth initiatives,” said IDEX Global Dispensing President, Ana Garcia.

“While achieving unparallel levels of reliability and user experience, the technology advancements on our patented DVX Pumps with extreme steady flow and our unique DPI™ nozzle system result on unsurpassed value, up to 80% dispensing productivity gain, and less than 6 month ROI to our customers,” she said.

Additionally, the Fluid Management team sought to develop an easy-to-use machine for less experienced paint operators. Building upon a previous iteration of the product, the team added 13 LED lights to better guide users on where to place the paint bucket for dispensing, avoiding accidents where colorant misses the mark and spoils a can of paint.

The Accusmart AS7500 and AS9500 dispensers are also equipped with enhanced pumps, improved algorithms, smart nozzles and energy-saving internal components. With these enhancements, the new Accusmart uses an estimated 50% less electricity compared to the previous model.

The team has already begun producing and shipping the dispensers.

To learn more about the products, click here.

 

 

Advanced Flow Solutions Team Volunteers for “LitterBlitz” Restoration Project

Company News
June 9, 2021

Team members at Advanced Flow Solutions (AFS), part of IDEX Energy, partnered with OKC Beautiful for a LitterBlitz beautification project in Oklahoma last month.

More than 20 AFS team members volunteered to clean an area that had become a dumping location for trash. Within the first hour, the team filled 60 trash bags and had to get more to finish the job!

With new employees and veteran team members working side by side, the AFS team removed all trash, including large items such as a rug, window frame, gas cans, a trash filled clothes hamper, and various pieces of large scrap wood.

“Not only was the area left as pristine as nature meant it to be, but the team all had a wonderful time building relationships that they may not be able to build in a normal workday,” said AFS Global Business Director, Steve Willoughby.

The LitterBlitz program provides the opportunity to give back and reconnect with friends, neighbors, civic clubs, and coworkers as well as the environment in a safe and easy way.

To learn more about the OKC Beautiful organization and the LitterBlitz program, click here.

As India Struggles with COVID Surge, IDEX Donates Oxygen Concentrators

Company News
June 3, 2021

IDEX India team members this week donated dozens of oxygen concentrator machines to a local hospital to help patients struggling to overcome COVID-19 amid the ongoing battle against a surging variant of the virus. The team delivered the lifesaving machines to local government officials this week and they will be used at Sir Sayajirao General Hospital (SSG Hospital), the public hospital in Vadadora, where IDEX has a large manufacturing facility.

“When so many people were dying of COVID-19 because of lack of oxygen, we felt the need to do something. Our IDEX teams in India, China and the United States quickly organized to source and supply oxygen concentrators to the government hospital in Vadodara, where poor and helpless people could be saved,” IDEX Emerging Markets Group Executive Rajesh Prasad said.

Seventy five hospital grade oxygen concentrators were purchased with $100,000 in support from the IDEX Foundation.

“The fact that these oxygen concentrators, made by one of our customers in China, are equipped with compressors from Gast – an IDEX company – made it truly special to us. This equipment will help save lives during a terrible public health crisis. The work we do with IDEX Foundation truly matters and makes IDEX a great place to work,” Prasad said.

Across India, the healthcare system has struggled to serve the many people needing care over the last two months. Many hospitals have run out of beds and oxygen for patients. Indian hospitals oftentimes do not have central oxygen supplies pumped throughout their facilities, relying instead on oxygen canisters, which quickly became hard to get a month ago as the COVID variant surge began.

Dozens of IDEX India employees have contracted COVID-19 during the recent wave, driven by a new variant that has proven more contagious than the original virus. Fortunately, none have become critically ill. IDEX India has coordinated vaccination drives for employees at a time when securing vaccine doses has grown increasingly challenging.

Warren Rupp Colleague Helps Dogs Find New Homes, Loving Families

Company News
May 4, 2021

To help relocate pets to loving new homes, Warren Rupp’s Vice President of Sales and devoted dog lover Jim Coryell recently drove 1,500 miles in two days to help 51 dogs find new families.

Jim, who has been involved with One Love Animal Rescue since 2015, embarked on the long journey with three other dog-lovers. They split the 36-hour drive, stopping only for fuel and bathroom breaks.

The team partnered primarily with One Love Animal Rescue, but also with Jasper Animal Rescue Mission (JARM), Chatham Animal Services and Effingham Animal Services in Savannah, Georgia to safely transport dogs from Georgia to Delaware and into the care of animal rescue’s in the area.

“It was emotional, wonderful, intense at times as we drove through rain, loud with 51 dogs barking most of the time, and ultimately rewarding to see all the dogs go directly into foster care,” Jim said. “Three of the sweet dogs were adopted by the time we got back to Savannah.,”

Adoptions and purchases of dogs have soared in the United States during the pandemic, as people have sought companionship. Some shelters, particularly in northern states, have run out of adoptable animals. At the same time, shelters in southern states still had dogs, creating an imbalance that Jim and his team helped address.

Relocating these often-mistreated animals, saves their lives as 80% of the animals may have been euthanized if not for these efforts.

One Love Animal Rescue makes 6-8 trips per year to various states and rescues, transporting dogs and occasionally cats.

 

Pictured left to right – Kristine Collins, Karrie Bulski, Jim Coryell and George Carroll

IDEX Reports First Quarter Results; Raises Full Year Guidance; Q1 Orders and Sales up 10 Percent Overall and 6 Percent Organically; Q1 Reported EPS Was $1.48 With Adjusted EPS Of $1.51

News Release
April 27, 2021

IDEX Corporation (NYSE: IEX) today announced its financial results for the three month period ended March 31, 2021.

First Quarter 2021 Highlights

  • Record orders and sales were up 10 percent overall and 6 percent organically compared to Q1 2020
  • Reported operating margin was 23.9 percent with adjusted operating margin of 24.3 percent
  • Reported EPS was $1.48 with adjusted EPS of $1.51
  • Record Q1 cash from operations of $109.3 million led to record Q1 free cash flow of $94.7 million
  • Full year adjusted EPS guidance raised to $6.05 to $6.20
  • Completed the acquisition of ABEL Pumps, L.P. on March 10, 2021
  • Reached an agreement in April 2021 to acquire Airtech Group, Inc., US Valve Corporation and related entities (Airtech)

View full report at: https://investors.idexcorp.com/news-releases/news-release-details/idex-reports-first-quarter-results-raises-full-year-guidance-q1

IDEX Corporation to Acquire Airtech

Company News
April 27, 2021

IDEX Corporation (NYSE:IEX) today announced that it has entered into a definitive agreement to acquire Airtech Group, Inc., US Valve Corporation and related entities from investment funds managed by EagleTree Capital for cash consideration of $470 million, subject to customary post-closing adjustments.

Airtech designs and manufactures a wide range of highly engineered pressure technology products, including vacuum pumps, regenerative blowers, compressor systems and valves. The company provides customized solutions across diversified end markets such as alternative energy, food processing, medical, packaging and transportation. Airtech serves clients globally, with operations in the United States, Europe and Asia.

“The acquisition of Airtech expands our expertise in specialized, high-performing air moving technologies, increasing our ability to serve customers’ needs,” IDEX Chief Executive Officer and President Eric Ashleman said. “Airtech has an excellent record of providing highly engineered solutions for niche applications across a wide array of industries. We expect this acquisition to be an outstanding fit for IDEX. Our decentralized structure gives business units significant autonomy, while the common IDEX culture and operating model provide the foundation for operational excellence and growth that will enhance the business the Airtech team has already built.”

“We continue to actively seek opportunities to deploy capital and acquire IDEX-like businesses, as well as make some calculated bets in new technologies to bolster our growth potential, further strengthen our portfolio and enhance our return to shareholders,” Ashleman said.

“It has been a pleasure collaborating with the Airtech team over these past years,” said Robert Fogelson, Senior Partner at EagleTree Capital. “We are all delighted that Airtech will become part of IDEX, which will be a wonderful home for the business for the long term.”

Airtech’s headquarters office and largest manufacturing facility are in Rutherford, New Jersey. The company has other manufacturing operations in Werneck, Germany and Shenzhen, China. Airtech will join IDEX’s Health & Science Technology segment.

The transaction is expected to close by the end of the second quarter of 2021, subject to regulatory approvals and customary closing conditions.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210427006063/en/IDEX-Corporation-to-Acquire-Airtech

Toptech Invests in Technology Center for Students

Company News
April 20, 2021

To help students work more efficiently and more productively, Toptech Systems upgraded and installed technology equipment at a new Boys and Girls Clubs facility in Central Florida (BGCCF) last month.

Working together while wearing masks, Toptech team member Carlos Garcia and an employee at BGCCF helped install 15 computers, two 65” TVs and one 55” TV at the facility in Oviedo. The equipment will be used for homework, research, club operations, and to ensure students are able to learn about potential career paths.

In collaboration with the IDEX Foundation, Toptech donated close to $14,000 USD to purchase all the technology.

“The entire Toptech Team is proud of the long history we have supporting the Boys and Girls Clubs of Central Florida,” General Manager Matt Eisert said. “At Toptech we are passionate about technology and our employees want to pass this passion along to the children in our community who depend on the local clubs for after school care, mentorship, and encouragement.”

Located near Toptech’s headquarters, the new location in Oviedo, Florida will serve nearly 60 students. Toptech team members are currently planning two virtual, STEM focused volunteer events and hope to host in-person events in the future.

 

Record Participation in IDEX’s 2nd Food Insecurity Campaign

Company News
April 15, 2021

The second round of IDEX Foundation grants to support local food banks in serving people impacted by the COVID-19 pandemic resulted in record participation by business units across the United States, Canada and Europe.

The renewed effort tallied 41 grants for a total of $225,000 USD, surpassing the Foundation’s total of $170,000 USD in donations given in Spring 2020. IDEX teams went above and beyond, with 93 percent site participation in the United States and 70 percent internationally. European businesses achieved an all-time high in participation rate in the campaign, which began earlier this year.

“It’s rewarding to see how many business units stepped up to ensure people in their community who need help with food during these challenging times receive help from us,” Foundation President Derrick Goddard said. “We are such a caring company and that came through in the fantastic participation rates.”

Examples include the team at Pulsafeeder in Florida, USA, which donated food for distribution through the Boys and Girls Club of Charlotte County (BGCCC).

At LUKAS in Germany, team members donated to Die Tafel in Erlangen, which has deep ties serving people in the community.

And the teams at all IDEX Health & Science facilities in Rochester, New York, Middleboro, Massachusetts, Oak Harbor, Washington, Bristol, Connecticut, Carlsbad, California and Rohnert Park, California, participated in both campaigns!

IDEX business units that have donated $5,000 grants during the 2nd campaign include:

United States Locations

Business Food Bank
Akron Brass Wooster Hope Center
Knight Families Forward
IH&S Rochester FoodLink
Corken Regional Foodbank of Oklahoma
CVI Roadrunner Food Bank
IH&S Rohnert Park Redwood Empire Food Bank
Advanced Thin Films Emergency Family Assistance Association
Liquid Controls Northern Illinois Food Bank
Banjo Youth Services Bureau
IDEX Corporate Lakeview Pantry
Warren Rupp People Helping People
GAST Feeding America West Michigan
Trebor Utah Food Bank
IH&S Oak Harbor North Whidbey Help House
Fluid Management Wheeling Township Emergency Fund
Pulsafeeder SPO Boys and Girls Club Charlotte County
US Viking Northeast Iowa Foodbank
TopTech Boys and Girls Club Central Florida
ADS Central Texas Food Bank
ADS Brazos Valley Food Bank
Pulsafeeder EPO FoodLink
Aegis Greater Baton Rouge Food Bank
Microfluidics The Greater Boston Food Bank
IH&S Middleboro South Shore Community Action Council, Inc.
HURST Jaws of Life Council on Aging of Cleveland County
IH&S Bristol Meals for Neighbors Ministry if Zion Lutheran Church
IH&S Carlsbad The Jacobs & Cushman San Diego Food Bank

 

Canada and European Locations

Business Food Bank
Viking Canada Unemployed Help Centre of Windsor
Quadro Food Bank of Waterloo
GAST UK Redditch Food Bank
CVI – Netherlands Voedselbank Montferland
Matcon Caring Hands in the Vale
IPEK Caritasverband Kempten-Oberallgäu e.V.
CVI – UK leicester south foodbank
FFM Netherlands Stichting voedselbank Teylingen
PPE UK Homeless Aid UK
Lukas Diakonisches Werk Erlangen e.V. Tafel, Erlangen
Richter Germany Tafel Kempen | Martinus-Hilfe e.V.
Sampi Comunita’ di sant’egidio lucca odv
Alfa Valvole Non di solo pane A.P.S
OBL Societa’ Pane Quotidiano Fondazione Arrigo Valentini O.N.L.U.S
Wrightflow Technologies Eastbourne Foodbank
Godiva Feed the Hungry

 

 

HURST Jaws of Life® Campaign Wins Silver in Advertising Awards

Company News
April 13, 2021

A new marketing campaign for HURST Jaws of Life® recently took home a Silver American Advertising Award in the annual Charlotte American Advertising Awards Gala, which each year recognizes the best of the best in marketing and advertising. With help from Charlotte-based marketing communications agency Wray Ward, HURST’s eDRAULIC Watertight Extrication Tool (EWXT) “Be Unstoppable” campaign received the recognition.

“We take pride in the recognition we receive for HURST Jaws of Life’s excellence in engineering and performance, and to have our brand also receive accolades for excellence in creativity is outstanding,” said Bruce Johnston, director of marketing for IDEX Fire & Safety and its HURST Jaws of Life brand. . “Being recognized with an American Advertising Award is an honor, and we’re proud this campaign caught the eye of the judges.”

The win came in the category “Integrated Campaign” for a campaign including print and digital advertisements, social media graphics, and a series of four videos extolling the features of the new EWXT rescue tools – battery-powered extrication tools with longer battery life, exceptional performance standards, and the ability to operate while submerged underwater. The videos mix extrication footage and engineering schematic graphics in the edgy HURST Jaws of Life brand look to illustrate the combination of power and performance delivered by the innovative tool line, including the spreaders, cutters, combi tools and rams.

The videos are used in HURST Jaws of Life’s marketing program and live on HURST’s new Video Library and YouTube as a resource for HURST Jaws of Life dealers and the first responders who use the tools to save lives.

 

WordPress Lightbox