Category: News Release

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”.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210614005583/en/

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

IDEX Corporation (NYSE:IEX) today completed its previously announced acquisition of Abel Pumps, L.P., and certain of its affiliates (ABEL) from Hillenbrand, Inc. (NYSE: HI).

ABEL designs and manufactures highly engineered reciprocating positive displacement pumps for a variety of end markets, including mining, marine, power, water, wastewater and other general industries. The company’s diaphragm and high-pressure piston pumps serve harsh, demanding applications involving abrasive or corrosive substances and fluids with high solids content.

“We welcome ABEL and its employees worldwide to the IDEX family of businesses. We look forward to their expertise complementing the longstanding strength IDEX has in pump and valve manufacturing,” IDEX Chief Executive Officer and President Eric Ashleman said. “As part of our great team, together we will further expand our abilities to solve customers’ toughest fluidics challenges.”

ABEL’s administration office and manufacturing plant are in Büchen, Germany, with sales and service locations in Madrid and Pittsburgh. ABEL joins IDEX’s Fluid and Metering Technologies segment.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210311005096/en/

IDEX Corporation today announced the appointment of Lakecia N. Gunter to the company’s Board of Directors.  The appointment of Ms. Gunter, effective immediately, increases the size of the board from 10 to 11 directors. She will serve on the board’s Compensation Committee.

Gunter currently serves as Vice President and General Manager of IoT (Internet of Things) Global and Strategic Engagement at Microsoft Corporation. She will bring a new level of technology and digital innovation expertise to the IDEX board.

“As we continue navigating further digitalization of our product and service offerings, including the select strategic incorporation of IoT technology, we look forward to the experienced guidance Lakecia will provide,” IDEX Chief Executive Officer and President Eric D. Ashleman said. “Innovation is literally the first initial in our name and continuing on that path today increasingly involves the intersection of new digital technologies with our highly engineered industrial products.”

“Lakecia’s strong business acumen, leadership development skills, strategic insights and customer orientation will expand the breadth of our board’s expertise. She’s a welcome addition who I’m confident will help propel IDEX forward,” Ashleman said.

To read the full announcement, click here

The IDEX Foundation, which was created to positively impact the communities in which IDEX people live and work, has announced an expanded mission accompanied by a contribution of $6 million from IDEX Corporation to support charitable efforts.

The funding infusion allows the Foundation to increase overall giving and add “Equity & Opportunity” – creating opportunities for under-served, disadvantaged people of color in our communities – as a lasting and fully-funded part of its mission.

“Foundation-funded volunteer projects continue to shape the fabric of our company culture, where great teams come together and contribute to the broader community. It’s part of who we are, and I couldn’t be prouder to help expand our ability to help,” IDEX CEO & President Eric Ashleman said.

The contribution means this important expansion of the mission won’t compete for funds with other charitable efforts. The Foundation’s annual charitable giving is expected to more than double.

While in-person efforts have been paused during the COVID-19 pandemic, foundation grants typically fund local projects led by volunteer teams from IDEX business units.

“I look forward to the days of once again regularly coming together as teams to build homes for the homeless, renovate community centers for kids and stuff backpacks with school supplies for local children,” Ashleman said.

 

 

 

NORTHBROOK, Ill.–(BUSINESS WIRE)–Jan. 11, 2021– IDEX Corporation (NYSE:IEX) today announced that it has entered into a definitive agreement to acquire Abel Pumps, L.P., and certain of its affiliates (ABEL) from Hillenbrand, Inc. (NYSE: HI) for cash consideration of $103.5 million, before closing adjustments.

ABEL designs and manufactures highly engineered reciprocating positive displacement pumps for a variety of end markets, including mining, marine, power, water, wastewater and other general industries. The company’s diaphragm and high-pressure piston pumps serve harsh, demanding applications involving abrasive or corrosive substances and fluids with high solids content.

To view the full press release, click here