Profile: IDEX Corporation (IEX)

IDEX Corporation (IDEX), incorporated on September 24, 1987, is an applied solutions company specializing in fluid and metering technologies, health and science technologies, dispensing equipment and fire, safety and other diversified products. The Company manufactures an array of engineered industrial products sold to customers in a variety of industries around the world. IDEX consists of four business segments. The Fluid & Metering Technologies segment consists of ADS, LLC (ADS), Air Operated Double Diaphragm (AODD), Banjo, iPEK Spezial-TV (iPEK), Liquid Controls, Pulsafeeder, Richter Chemie-Technik (Richter), Sanitary and Viking Pump (Viking) business units. The Health & Science Technologies segment includes HST Core, Gast Manufacturing (Gast) and Micropump. The Dispensing Equipment segment comprises FAST & Fluid Management Europe & Asia (collectively, F&FM) and Fluid Management Americas. The Fire & Safety/Diversified Products segment includes Hale-Fire Suppression and Hale-Hydraulic Equipment, as well as the BAND-IT engineered clamping business. In January 2008, the Company acquired ADS, a provider of metering technology and flow monitoring services for the water and wastewater markets. The Company, in October 2008, acquired iPEK, a provider of systems focused on infrastructure analysis, specifically waste water collection systems.

IDEX, in October 2008, acquired Richter, a provider of lined pumps, valves and control equipment for the chemical, fine chemical and pharmaceutical industries. The Company, in October 2008, acquired Integrated Environmental Technology (IETG), a provider of flow monitoring and underground utility surveillance services for the water and wastewater markets. In October 2008, the Company acquired Semrock, a provider of optical filters for biotech and analytical instrumentation in the life sciences markets.

Fluid & Metering Technologies Segment

The Fluid & Metering Technologies Segment designs, produces and distributes positive displacement pumps and flow meters, injectors, and other fluid-handling pump modules and systems. Its application-specific pump and metering solutions serve a range of growing end markets, including industrial infrastructure (fossil fuels, refined and alternative fuels, oil and gas, water and wastewater), chemical processing, agricultural, food & beverage, pulp & paper, transportation, plastics & resins, electronics & electrical, construction & mining, pharmaceutical and bio-pharmaceutical, machinery and numerous other specialty markets. The segment accounted for 47% of sales and 51% of operating income during the year ended December 31, 2008, with approximately 41% of sales to customers outside the United States. AODD consists of Warren Rupp and Versa-Matic. Warren Rupp, based in Mansfield, Ohio with additional operations in Latin America and Brazil, is a producer of air-operated and motor-driven double-diaphragm pumps. Warren Rupp’s products are used for abrasive and semisolid materials, as well as for applications where product degradation is a concern or where electricity is not available or should not be used. This business serves markets, including chemical, paint, food processing, electronics, construction, utilities, mining and industrial maintenance. Versa-Matic, is a manufacturer and distributor of air-operated double-diaphragm pumps and replacement parts. Blagdon Pump is operated as part of Versa-Matic.

Banjo is a provider of special purpose, severe-duty pumps, valves, fittings and systems used in liquid handling. Banjo is based in Crawfordsville, Indiana and its products are used in agricultural and industrial applications. iPEK is based in Hirschegg, Austria and is a developer of remote controlled systems used for infrastructure inspection. All of iPEK’s 2008 sales were to customers outside the United States. Liquid Controls is a manufacturer of positive displacement flow meters and electronic registration and control products. Applications for its products include mobile and stationary metering installations for wholesale and retail distribution of petroleum and liquefied petroleum gas, aviation refueling, and industrial metering and dispensing of liquids and gases. Corken, a subsidiary of Liquid Controls based in Oklahoma City, Oklahoma, is a producer of positive-displacement rotary vane pumps, single and multi-stage regenerative turbine pumps, and small horsepower reciprocating piston compressors.

Pulsafeeder is a manufacturer of metering pumps, special-purpose rotary pumps, peristaltic pumps, electronic controls and dispensing equipment. Pulsafeeder's products are used to introduce precise amounts of fluids into processes to manage water quality and chemical composition, and its markets include water and wastewater treatment, power generation, pulp and paper, chemical and hydrocarbon processing and swimming pools. Classic Engineering, Inc. (Classic) operates as part of Pulsafeeder. Classic is a supplier of integrated pump and metering systems to chemical companies and municipal water treatment facilities. Classic also designs, engineers and manufactures a line of standard and custom chemical-feed systems for the water and wastewater, chemical original equipment manufacturer (OEM), pulp and paper, cement and general industrial markets.

Sanitary consists of Quadro Engineering (Quadro), Wrightech Corporation (Wrightech) and Knight Equipment, Inc. (Knight). Quadro, is a provider of particle control solutions for the pharmaceutical and bio-pharmaceutical markets. Wrightech, is a small manufacturer of stainless-steel centrifugal and positive displacement pumps and replacement parts for the sanitary product marketplace. Knight, is a manufacturer of pumps and dispensing equipment for industrial laundries, commercial dishwashing and chemical metering. Viking produces internal and external gear pumps, strainers and reducers, and related controls. These products are used for transferring and metering thin and viscous liquids. Markets served by Viking include chemical, petroleum, pulp and paper, plastics, paints, inks, tanker trucks, compressor, construction, food and beverage, personal care, pharmaceutical and biotech.

The Company competes with Dover Corporation, United Technologies Corporation, Roper Industries, Tuthill Corporation and Wilden Pump and Engineering Co.

Health & Science Technologies Segment

The Health & Science Technologies Segment designs, produces and distributes a range of precision fluidics solutions from high precision, low-flow rate pumping solutions required in analytical instrumentation, clinical diagnostics and drug discovery to high performance molded and extruded, biocompatible medical devices and implantables. Through this platform, the Company is also expanding its capability in air compressors used in medical, dental and industrial applications, as well as its precision gear and peristaltic pump technologies. The segment accounted for 22% of sales and 24% of operating income in 2008, with approximately 39% of sales to customers outside the United States.

HST Core consists of the components like Rheodyne, Upchurch Scientific (Upchurch), Sapphire Engineering (Sapphire), Eastern Plastics and Semrock. Rheodyne is a manufacturer of injectors, valves, fittings and accessories for the analytical instrumentation market. Its products are used by manufacturers of high pressure liquid chromatography equipment servicing the pharmaceutical, biotech, life science, food and beverage, and chemical markets. Upchurch and Sapphire are providers of fluidic components and systems for the analytical, biotech and diagnostic instrumentation markets. Its fluidic components and sub-assemblies include fittings, precision-dispensing pumps and valves, tubing and integrated tubing assemblies, filter sensors and other micro and nano-fluidic components. Markets served include pharmaceutical, drug discovery, chemical, biochemical processing, genomics/proteomics research, environmental labs, food/agriculture, medical lab, personal care, and plastics/polymer/rubber production. Upchurch operates in Oak Harbor, Washington and Sapphire in Pocasset, Massachusetts. Isolation Technologies, a developer of column hardware and accessories for the High Performance Liquid Chromatography (HPLC) market. HPLC instruments are used in a variety of analytical chemistry applications, with primary commercial applications including drug discovery and quality control measurements for pharmaceutical and food/beverage testing. Semrock’s products are used in the biotechnology and analytical instrumentation industries.

Gast is a manufacturer of air-moving products, including air motors, low- and medium-range vacuum pumps, vacuum generators, regenerative blowers and fractional horsepower compressors. Gast's primary markets served are medical equipment, environmental equipment, computers and electronics, printing machinery, paint mixing machinery, packaging machinery, graphic arts and industrial manufacturing. JUN-AIR International A/S (JUN-AIR), a provider of low-decibel, ultra-quiet vacuum compressors suitable for medical, dental and laboratory applications. Micropump manufactures precision-engineered, magnetically and electromagnetically driven rotary gear, piston and centrifugal pumps. Micropump's products are used in low-flow abrasive and corrosive applications. Micropump serves markets, including printing machinery, medical equipment, paints and inks, chemical processing, pharmaceutical, refining, laboratory, electronics, pulp and paper, water treatment and textiles. Trebor International (Trebor) operates as part of Micropump. Trebor is into high-purity fluid handling products, including air-operated diaphragm pumps and deionized water-heating systems. Its products are used in the manufacturing of semiconductors, disk drives and flat panel displays.

The Company competes with Gardner Denver and Valco Instruments Co.

Dispensing Equipment Segment

The Dispensing Equipment Segment produces precision equipment for dispensing, metering and mixing colorants, paints, hair colorants and other personal care products. This equipment is used in a variety of retail and commercial industries worldwide. This segment provides equipment, systems and services for applications, such as tinting paints and coatings, and industrial and automotive refinishing. The segment accounted for 11% of sales and 4% of operating income in 2008, with approximately 74% of sales to customers outside the United States. FAST & Fluid Management, Europe & Asia, is a manufacturer of precision-designed tinting, mixing, dispensing and measuring equipment for auto refinishing and architectural paints. Equipment is supplied to retail and commercial stores, home centers and automotive body shops. Fluid Management is a manufacturer of precision-designed tinting, mixing, dispensing and measuring equipment for architectural paints and personal care products. Fluid Management's markets include retail and commercial paint stores, hardware stores, home centers, department stores, and point-of-purchase dispensers and mixing equipment for the personal care, and health and beauty industry.

The Company competes with Corob S.p.A.

Fire & Safety/Diversified Products Segment

The Fire & Safety/Diversified Products Segment produces firefighting pumps and controls, rescue tools, lifting bags and other components and systems for the fire and rescue industry, and engineered stainless steel banding and clamping devices used in a variety of industrial and commercial applications. The three business units that comprise this segment are Hale-Fire Suppression, Hale-Hydraulic Equipment and Band-It. The segment accounted for 20% of sales and 29% of operating income in 2008, with approximately 54% of sales to customers outside the United States. Hale-Fire Suppression Group (FSG) consists of the business units: Hale, Godiva and Class 1. FSG produces truck-mounted and portable fire pumps; stainless steel valves; foam and compressed air foam systems; pump modules and pump kits; electronic controls and information systems; conventional and networked electrical systems and mechanical components for fire, rescue and specialty vehicle markets. FSG's markets include public and private fire and rescue organizations.

Hale-Hydraulic Equipment Group (HEG) consists of the business units: Hurst, Lukas, Airshore, Hale Europe GMBH, Dinglee and Vetter. HEG produces hydraulic, battery, gas and electric-operated rescue equipment; hydraulic re-railing equipment; hydraulic tools for industrial applications; recycling cutters; pneumatic lifting and sealing bags for vehicle and aircraft rescue, environmental protection and disaster control; and shoring equipment for vehicular or structural collapse. HEG's markets include public and private fire and rescue organizations. Band-It is a producer of stainless steel banding, buckles and clamping systems. Band-It's products are used for securing exhaust system heat and sound shields, industrial hose fittings, traffic signs and signals, electrical cable shielding, identification and bundling, and numerous other industrial and commercial applications. Band-It's markets include transportation equipment, oil and gas, general industrial maintenance, electronics, electrical, communications, aerospace, utility, municipal and subsea marine.

The Company competes with Illinois Tool Works Inc., American Cast Iron Pipe Company and Holmatro, Inc.