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)

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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.

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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.


OBL Pumps Certified for Use in Food and Beverage Applications

Company News
April 7, 2021

​Milan-based OBL, recently received the European Union’s EC 1935/2004 quality certification, validating that the companies’ pumps are safe to use in food and beverage applications across Europe.

From raw material producers to processors in the field of food packaging, through to applications such as filtration, flavoring and additives in the food and beverage segment, there are many sectors that require the use of machinery and components compliant with EC 1935/2004 quality standards.  The certification signifies that OBL equipment successfully completed lab tests on key components, does not release contaminants throughout the production process and are the product of a certified supply chain.

Numerous OBL models now comply with the quality standards, including:

– Blackline M Series –With great dosing accuracy and very low maintenance, this pump is the ideal solution for applications in the water treatment industry, power generation, pulp and paper and many more.

– Blackline H Series – Specifically designed for wine, beer and fruit juices filtration, this solution allows for dosing and mixing processes to be taken care simultaneously by a single device and allows for yeast cells and other particles to be removed without trapping molecules of aroma, flavor and tanning.

– Blackline R Series –Designed to allow for dosing high-viscous chemicals at high temperatures while granting a steady accuracy and great reliability, this pump is ideal for industrial applications that requires dosing of glue, emulsion, coating agents, oils and greases and many other chemicals.

– Topline L Series – Designed to meet the highest standards in metering industry, this positive return plunger pump is ideal for demanding industrial applications and separates oil reservoirs, reduces the risk of oil contamination of process liquid and ensures steady and accurate output.

“I’m extremely proud of the team for working together in tough times to obtain the certification,” said OBL General Manager Gianluca Maestroni. “The certification strengthens our position in the enology segment and opens new opportunities for the company in the food & beverage industry.”

CVI Laser Optics Hosts Pillow Drive for Homeless

Company News
April 5, 2021

CVI Laser Optics, part of IDEX Optical Technologies, recently partnered with Cuidando Los Niños (CLN) to support homeless and under housed families in the local Albuquerque, New Mexico area.  After engaging with CLN leaders, CVI Laser Optics hosted a pillow drive for families in the community.

Over the span of three weeks, the CVI Laser Optics team came together to donate hundreds of pillows and pillowcases for the organization. With matching gifts from IDEX Optical Technologies leaders, the team was able to donate 442 pillows and 442 pillowcases total!

CVI Laser also partnered with the IDEX Foundation to donate an additional $5,000 to help CLN support its mission to break the cycle of homelessness for children and families.

“Cuidando Los Niños is a special organization and I am so proud of our team’s generosity. Homelessness is widespread in our community and we are excited to partner with CLN on future projects,” said Brittny Goodwin, Human Resources Manager.

Cuidando Los Niños, which means “caring for the children,” aims to break the cycle of homelessness for children and families by providing high quality early childhood education, therapeutic services, supportive housing, and parent education.

To learn more about this mission driven organization, click here.

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