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IDEX Corporation
IDEX Corporation
from Wikipedia

IDEX Corporation is a global industrial company based in Northbrook, Illinois. IDEX develops, designs, and manufactures fluidics systems, optics systems, fire and rescue equipment, and other specialty engineered products. As of February 2025, IDEX operated in approximately 20 countries and had approximately employed 9,000 employees. The company is publicly traded and a component of the S&P 500 index.

Key Information

History

[edit]

IDEX was formed in 1988, when Kohlberg Kravis Roberts purchased several divisions of Houdaille Industries, which had recently been sold by KKR to Tube Instruments. Its first chairman and CEO was Donald N. Boyce.[2][3] The company raised $3.3 million with its initial public offering in June 1989.[4]

In May 1994, IDEX reached an agreement to acquire Hale Products, Inc., of Conshohocken, Pa., for $90 million. Hale sells fire-trucks, portable pumps, ventilation systems, and is part of IDEX's fire and safety division, which includes the Hurst "Jaws of Life".[5][6] By 1996, IDEX had acquired ten other companies and its annual revenue was approximately $562 million.[7]

In January 1998, IDEX agreed to buy Gast Manufacturing of Benton Harbor, Michigan, for $118 million. Gast manufactures compressors, vacuum pumps, air motors and other products.[8] The following year, the company's original CEO Donald Boyce stepped down from his position. IDEX COO Frank Hansen took over as chief executive.[9]

In 2011, Andrew Silvernail took over as CEO and chairman.[10]

In 2011, IDEX acquired Microfluidics International, a company that designs and manufactures equipment that used to produce nanoparticles.[11] This acquisition supported IDEX's existing work in pharmaceutical research and production.[12]

In June 2018, IDEX Corporation announced its acquisition of Phantom Controls, a company that manufactures pump systems.[13]

In March 2021, IDEX announced that it was acquiring Abel Pumps LP, a manufacturer of reciprocating positive displacement pumps used in mining, marine, and power industries.[14] The following month, IDEX announced it had agreed to acquire Airtech Group, Inc. and US Valve Corporation. Airtech is a manufacturer of pressure technology products such as pumps and compressor systems and valves.[15]

In September 2022, IDEX announced that it would acquire the Netherlands-based micro-precision technology conglomerate Muon Group,[16] and that Muon's several subsidiaries, such as LouwersHanique and Millux, would be incorporated into IDEX's health and science technologies segment.[17] In July 2024, IDEX announced that it would soon purchase Mott Corp, a filtration products manufacturer, to further bolster the company's health and science technologies segment.[18]

Finance

[edit]

The key financial trends for IDEX Corporation are based on fiscal years ending December 31:[19]

Year Revenue
(USD billion)
Gross Profit
(USD billion)
Net Income
(USD billion)
1994 0.399 0.166 0.033
2000 0.704 0.303 0.063
2006 1.150 0.477 0.146
2012 1.950 0.803 0.037
2018 2.480 1.120 0.410
2021 2.760 1.220 0.449
2024 3.269 1.445 0.505

In Q1 2025, IDEX beat Wall Street earnings and revenue estimates, reporting revenue of US $814.3 million and adjusted EPS of $1.75, citing strong demand in its Health & Science Technologies segment.[20]

For Q2 2025, the company posted revenue of US $865.4 million (up 7.2% YoY) and EPS of $2.07, outperforming forecasts, though it lowered full-year adjusted EPS guidance to a range of $7.85–$7.95 due to softening demand trends.[21]

Operations

[edit]

IDEX's name is an acronym for "Innovation, Diversity, and Excellence."[22] The company is composed of more than 50 largely decentralized businesses that operate as subsidiaries.[23][24][25] It operates in approximately 20 countries[23] and its business is organized into three segments: Fluid and Metering Technologies, Health and Science Technologies, and Fire and Safety and Diversified products.[26][27]

IDEX is headquartered in Northbrook, Illinois.[28] Its CEO is Eric Ashleman.[24] As of February 2025, it employs approximately 9,000 people.[29] The company is publicly traded on the New York Stock Exchange and is included in the S&P 500.[30]

Products

[edit]

IDEX manufactures industrial equipment and components for diversified markets, including the agricultural, pharmaceutical, semiconductor, and fire safety sectors.[31][32] Its products include fluid-handling apparatuses like pumps, valves, and flow meters.[33][34] It also makes air compressors, optical filters, hydraulic rescue tools, and fire suppression equipment.[33][34][35]

References

[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia
from Grokipedia
IDEX Corporation (NYSE: IEX) is an American multinational corporation specializing in the , manufacture, and distribution of engineered products and mission-critical components for niche industrial, health, science, fire, and markets worldwide. Headquartered in , the company was founded in 1988 through the consolidation of three entrepreneurial manufacturing firms and has since expanded into a diversified enterprise with approximately 9,000 employees, operations in more than 20 countries, and over 50 businesses generating annual sales of about $3.3 billion as of 2024. IDEX focuses on delivering highly engineered solutions that enhance , , and , guided by core values of trust, teamwork, and excellence. The company's growth has been driven by strategic acquisitions, organic innovation, and a commitment to the 80/20 operating model, which emphasizes focusing resources on high-impact activities to achieve and market leadership. From its origins as a small group of specialized manufacturers, IDEX has evolved into a global leader in applied solutions, with a strong emphasis on , diversity, and long-term value creation for stakeholders. In recent years, it reported full-year 2024 of $505 million, reflecting robust performance amid high-growth sectors like life sciences, water management, , and industrial manufacturing. IDEX operates through three primary business segments: Fluid & Metering Technologies, which provides precision fluid-handling equipment for applications in , chemical, and markets; Health & Science Technologies, offering components for , pharmaceutical, and analytical instruments; and Fire & Safety/Diversified Products, delivering equipment, rescue tools, and other specialized systems. These segments serve original equipment manufacturers (OEMs) and end-users across diverse industries, ensuring IDEX's products play essential roles in improving lives through reliable, innovative technologies.

Overview

Company profile

IDEX Corporation is a global engineered products company that designs, manufactures, and markets mission-critical fluid handling, optics, and safety equipment serving diverse sectors including life sciences, water management, , , and semiconductors. Headquartered in , the company was founded in 1988 and operates under the NYSE ticker symbol as a component of the index. As of 2025, IDEX employs approximately 9,000 people across operations in more than 20 countries, reflecting its expansive international footprint. The company maintains a decentralized comprising over 50 independent operating businesses, which enables focused innovation and responsiveness in specialized markets.

Leadership and governance

IDEX Corporation's executive leadership is headed by Eric D. Ashleman, who has served as President and since December 2020. In May 2025, the company announced the departure of Abhishek Khandelwal, effective May 30, 2025, with Akhil Mahendra appointed as interim to lead financial operations during the transition. Mahendra continues in this role as of October 2025, overseeing corporate development and financial strategy. The board of directors comprises 10 members, with nine independent directors, reflecting an average tenure of approximately five years and an average age under 60. Key members include Non-Executive Chair Katrina L. Helmkamp, who brings extensive financial and manufacturing expertise, and independent directors such as Mark A. Buthman, former CFO of Kimberly-Clark with audit and risk management experience, and Carl R. Christenson, a manufacturing executive with a background in engineering and operations. The board emphasizes diversity through a policy requiring at least two women and two racially or ethnically diverse candidates in director searches, alongside collective expertise in global manufacturing, engineering, and technology sectors critical to IDEX's fluid and metering technologies. In February 2025, the board appointed Stephanie J. Disher, a technology and strategy leader, and Matthijs Glastra, a sustainability and manufacturing expert, increasing representation in innovation and environmental governance; Disher joined the Nominating and Corporate Governance Committee, while Glastra joined the Audit Committee. Board committees include the , chaired by Mark A. Buthman and focused on financial oversight and ; the Compensation Committee, chaired by Carl R. Christenson and responsible for executive pay aligned with performance; and the Nominating and Committee, chaired by Mark A. Beck, which handles director nominations and policies. These committees conduct annual assessments to ensure alignment with IDEX's decentralized , which delegates decision-making to business units while maintaining centralized oversight on strategic matters. IDEX demonstrates a strong commitment to ethical governance through its Code of Business Conduct and , with 100% of professional-level employees receiving annual training and certification. The company maintains a global hotline that investigates all complaints without retaliation, supported by annual audits using a risk-based approach, resulting in no confirmed incidents in 2024. is integrated into , as highlighted in the 2024 Sustainability Report, which outlines goals such as a 30% reduction in Scope 1 and Scope 2 emissions intensity by 2035, aligned with UN , and progress on energy efficiency initiatives like LED lighting conversions across 31 facilities. In September 2025, the board authorized an increase in the program to $1 billion, underscoring confidence in long-term value creation and a plan to return at least 70% of 2025 to shareholders via dividends and repurchases.

History

Founding and early development

IDEX Corporation traces its origins to Houdaille Industries, a diversified manufacturer founded in 1925 and known for innovations in automotive shock absorbers and industrial components. In 1979, Kohlberg Kravis Roberts & Co. (KKR) acquired Houdaille through a , later selling it to the British firm TI Group PLC in 1987. Following the 1987 , TI Group sought to divest non-core assets, leading KKR to repurchase select divisions to form a new entity focused on industrial manufacturing. On January 22, 1988, IDEX Corporation was established as a spin-off from Houdaille's and automotive divisions through this KKR-led acquisition, valued at approximately $192 million. The company initially comprised six operating subsidiaries, organized into two groups: the Fluid Handling Group, including Viking Pump Inc. (specializing in rotary pumps), Warren Rupp Inc. (air-operated pumps), and Lubriquip Inc. (automatic lubrication systems); and the Industrial Products Group, encompassing Strippit Inc. (metal fabricating tools), Band-It-IDEX Inc. (bands and clamps), and Vibratech Inc. (energy absorption devices). Headquartered in , IDEX adopted a decentralized structure with a lean corporate staff, emphasizing operational autonomy for its subsidiaries and innovation in fluid handling and industrial products, which accounted for about 25% of 1988 sales from new introductions. In its first full year, the company reported sales of $209 million and of $10.7 million. IDEX went public on June 2, 1989, with an on the , issuing 3.3 million shares at $14.50 each, raising approximately $47.9 million. This capital infusion supported early operational enhancements and positioned IDEX for sustained growth in specialized manufacturing sectors through the early 1990s.

Key acquisitions and expansions

IDEX Corporation has pursued a strategy of growth through strategic acquisitions, particularly from the onward, to expand its capabilities in handling, sciences, and precision technologies. In May 1994, IDEX acquired Hale Products, Inc., a leading manufacturer of fire-fighting pumps and rescue , for $90 million, enhancing its position in the and market. This acquisition integrated Hale into IDEX's Diversified Products segment, broadening its offerings for emergency response applications. In January 1998, IDEX completed the purchase of Gast Manufacturing Corporation for $118 million, adding expertise in pneumatic air compressors and vacuum pumps to its portfolio. Gast's technologies strengthened IDEX's capabilities in air moving solutions, primarily supporting the Health & Science Technologies segment for applications in and equipment. These early acquisitions laid the foundation for IDEX's inorganic expansion, focusing on complementary technologies in fluid and metering solutions. Moving into the 2010s, IDEX acquired International Corporation in 2011 through a at $1.35 per share, integrating advanced microfluidization technology for particle size reduction in pharmaceuticals and chemicals. This move bolstered the Material Processing Technologies division within the Fluid & Metering Technologies segment. In 2021, IDEX expanded its offerings with the acquisition of Abel Pumps, L.P., a provider of industrial for and applications, and the June purchase of Airtech Group, Inc., for $470 million, which added specialized air pressure and vacuum technologies. Both acquisitions enhanced the Fluid & Metering Technologies and Health & Science Technologies segments, respectively, by incorporating robust, hygienic pumping solutions. In November 2022, IDEX acquired Muon Group for €700 million, a micro-precision manufacturing firm specializing in flow path components for analytical instruments and life sciences. Muon's expertise in semiconductor and medical device components further diversified IDEX's Health & Science Technologies offerings, enabling growth in high-precision markets. More recently, in September 2024, IDEX completed the $1 billion acquisition of Mott Corporation, a leader in porous metal filtration and flow control products for semiconductors, biopharma, and aerospace. This deal significantly bolstered the Health & Science Technologies segment by adding advanced filtration solutions critical for clean manufacturing processes. In July 2025, IDEX acquired Micro-LAM, Inc., for $90 million, incorporating laser-assisted machining technologies for precision optics and micro-components used in photonics and defense. Micro-LAM's capabilities expanded IDEX's optical technologies within the Health & Science Technologies segment, supporting innovations in laser systems and high-resolution imaging. These acquisitions demonstrate IDEX's focus on targeted expansions that enhance technological depth across its core segments.

Operations

Business segments

IDEX Corporation operates through three primary business segments: Fluid & Metering Technologies (FMT), Health & Science Technologies (HST), and . These segments deliver engineered solutions across diverse markets, with operations conducted in a decentralized manner across more than 50 wholly-owned subsidiaries that function as semi-autonomous units to drive innovation and market responsiveness. The Fluid & Metering Technologies segment designs, produces, and distributes positive displacement pumps, small gear pumps, pin jetting pumps, injectors, and flow meters, along with compressors and other fluid-handling systems. It serves markets including , chemical processing, , industrial applications, and water & , providing essential fluid management solutions that ensure precise control and efficiency in processing operations. In 2023, FMT generated net sales of approximately $1.25 billion, representing about 38% of the company's total revenue. The Health & Science Technologies segment specializes in precision-engineered , , and dispensing systems for applications in analytical , life sciences, semiconductors, and . It supports critical processes such as pharmaceutical , diagnostic testing, and advanced through small-scale, high-accuracy components that enable reliable performance in complex environments. HST has experienced growth through strategic acquisitions, including Mott Corporation in September 2024, which enhanced capabilities, and Micro-LAM, Inc. in July 2025, which added laser-assisted machining expertise to optical technologies. In 2023, this segment accounted for net sales of about $1.32 billion, or roughly 40% of . The /Diversified Products segment manufactures pumps, valves, nozzles, monitors, controls, tools, and lifting bags, as well as clamping, fastening, and flow monitoring systems for industrial uses. It focuses on enhancing and operational efficiency in response and diversified industrial applications, such as suppression and precision dispensing for paints and colorants. In 2023, FSDP contributed net sales of approximately $719 million, comprising about 22% of the company's overall . Inter-segment dynamics emphasize operational independence, with each segment leveraging its specialized expertise while benefiting from IDEX's shared corporate resources for strategic oversight and growth initiatives. This decentralized model, supported by the network of over 50 subsidiaries, allows for tailored market strategies and rapid adaptation to industry needs across the segments.

Global footprint and manufacturing

IDEX Corporation maintains a global presence across 24 countries, with operations spanning , , , , and . The company's headquarters is located in , , serving as the central hub for strategic oversight. Key manufacturing sites in the include facilities in , such as those supporting fluid handling operations, as well as sites in ( for Abel Pumps), (Benton Harbor for Gast Manufacturing), (Cedar Falls), (), and (Rohnert Park). In , significant manufacturing occurs in , including Büchen and Werneck for Abel GmbH's pump production, , and ; additional sites are in the (), the (), and (). Asian operations feature manufacturing in (, , and ) and ( and ), supporting regional production needs. The company employs a decentralized , where each of its over 50 businesses manages local and operations autonomously to foster entrepreneurial agility and proximity to customers. This structure enables tailored production strategies while aligning with IDEX's overarching culture of and efficiency. Overall, IDEX operates more than 100 facilities worldwide, including , centers, and sales offices, with 107 locations in , 72 in , 22 in , 2 in , and 3 in . For instance, within the Health & Science Technologies segment, is concentrated in high-tech hubs like . IDEX's supply chain emphasizes and resilience, particularly as highlighted in its 2024 reports, through strategies like in-region sourcing to mitigate risks and reduce carbon emissions. The company enforces a Supplier available in 11 languages, conducts audits for high-risk suppliers, and provides training, such as sessions held at every site in and enhanced programs in during 2024. These efforts support a network of partners aligned with IDEX's environmental and ethical standards, including initiatives to optimize resource use and respond to global disruptions. Approximately 9,000 employees support these operations globally as of December 31, 2024, with the majority distributed across North American and European sites based on facility concentrations.

Products and technologies

Fluid and metering solutions

The Fluid & Metering Technologies segment of IDEX Corporation specializes in precision-engineered pumps, flow meters, valves, injectors, and systems designed to move, measure, and manage high-value liquids, gases, and solids, particularly in challenging conditions involving corrosive, , viscous, or extreme-temperature fluids. Core products include positive displacement pumps such as peristaltic, gear, and reciprocating diaphragm types; rotary vane and pumps; air-operated double diaphragm pumps; and flow monitoring systems like small-volume provers. These components enable precise fluid control, with examples including the Pulsatron series of metering pumps capable of handling pressures up to 300 psi for accurate dosing. Applications span multiple industries, including for severe-duty pumps and valves used in liquid handling and systems; chemical for corrosion-resistant magnetic drive and mechanical seal pumps, as well as strainers for dosing applications; and for flow meters, rotary pumps, and terminal systems in oil and gas transfer. In water and management, peristaltic pumps and metering technologies support treatment processes, while industrial uses include gear pumps for asphalt paving and air compressors like those from Gast for systems in and beverage dispensing. Innovations in this segment emphasize energy efficiency and smart integration, such as the Cognito Electric Operated Double Diaphragm (EODD) , which reduces electricity consumption by 75% compared to traditional air-operated models and features IoT connectivity for remote monitoring and diagnostics. Gast compressors incorporate designs that cut CO2 usage by over 40% in beverage systems by replacing it with , contributing to sustainable fluid handling. Additionally, ABEL's piston diaphragm pumps integrate AI-driven Smart Pump Assistant technology for , extending service intervals by 50% and reducing spare parts needs by 25%. IDEX holds a leading position in the metering pumps market, with unique technologies like high-pressure hydraulic diaphragm pumps from the Pulsa series enabling reliable handling of slurries and thin fluids in and settings.

Health and science innovations

IDEX Corporation's Health & Science Technologies segment specializes in precision-engineered components that integrate and to support advanced scientific and applications. Key products include microfluidic devices such as custom manifolds, flow cells, and subsystems designed for ultra-low-volume handling in analytical instruments. Optical filters and components, particularly from the Semrock brand, encompass bandpass, edge, and dichroic filters optimized for , Raman, and , enabling high-resolution in diagnostic systems. Precision dispensers, like the V-Series positive displacement pumps, deliver accurate fluid volumes from 25 μL to 5 mL with lifetimes up to 5 million cycles, minimizing waste in . systems, enhanced through the 2024 acquisition of Mott Corporation, feature porous metal media for ultra-high purity applications, ensuring contaminant removal in sensitive processes. These innovations serve diverse industries, with microfluidic devices and precision dispensers facilitating systems in pharmaceuticals by supporting (HPLC) and ultra-HPLC (UHPLC) for active pharmaceutical ingredient processing. In semiconductors, and fluidic connections provide clean processing environments, while optical components contribute to chip fabrication tools requiring precise light management. Aerospace applications leverage advanced for and sensing, including custom components machined from engineered materials. In life sciences, the portfolio enables diagnostics through integrated optofluidic solutions for , , and , where sets reduce spectral crosstalk for accurate multi-color analysis. Recent advancements underscore IDEX's commitment to cutting-edge manufacturing, such as the 2025 acquisition of Micro-LAM, which introduced laser-assisted machining for fabricating custom optics from challenging materials like infrared crystals and polymers, improving precision in aerospace and biotech optics. High-purity fluidics have advanced with products like High Purity Plus PFA tubing, offering enhanced stress crack resistance and clarity for biocompatible medical devices. Research and development efforts emphasize patents in microfluidics and biocompatible materials, including innovations in polymer-lined fluid pathways for chromatography and magnetic particle suspension systems for enhanced biocompatibility in medical applications. These contributions prioritize scalability and integration, driving efficiency in regulated environments without compromising purity or performance.

Fire, safety, and diversified offerings

The Fire & Safety/Diversified Products segment of IDEX Corporation encompasses a range of specialized equipment designed for emergency response and industrial applications, including hydraulic rescue tools, fire pumps and suppression systems, band clamps, and material handling solutions. Hydraulic rescue tools, such as those from the HURST Jaws of Life® brand, include cutters, spreaders, and rams used for vehicle extrication and structural collapse scenarios, featuring e-Draulic technology that combines electric motors with battery power for portable, high-performance operation. Fire pumps and suppression systems, exemplified by Hale Products, consist of truck-mounted pumps, valves, monitors, nozzles, and foam delivery systems that enable efficient water and suppressant distribution on pumper trucks and apparatus. Band clamps from BAND-IT provide robust fastening solutions, while material handling equipment includes lifting bags and recovery tools for safe extraction in disaster situations. These products serve critical applications in , where Hale pumps and associated controls power suppression efforts on fire apparatus, delivering high-flow solutions for municipal and industrial fires. In emergency response, HURST Jaws of Life tools facilitate rapid extrication by cutting through metal and spreading wreckage, often integrated into connected systems that monitor tool performance in real-time. For industrial uses, BAND-IT clamps ensure secure sealing and clamping in automotive assemblies, such as emissions hoses and systems, as well as in for traffic signage and marine environments for corrosion-resistant fastening. Diversified offerings like BAND-IT systems extend to , securing components on and space vehicles, and to for durable, vibration-resistant attachments. Innovations in this segment emphasize enhanced mobility and integration, such as lightweight e-Draulic tools that reduce operator through battery-powered designs weighing as little as 29 pounds, incorporating brushless motors for extended runtime and watertight casings for all-weather reliability. Hale Products has advanced integrated suppression for vehicles, including electronic controls and networked systems that optimize waterflow and deployment, as seen in collaborations for zero-emission electric apparatus. These developments, supported by platforms like Captium for data-driven , improve uptime and safety for while adapting to modern challenges like electric vehicle fires.

Financial performance

IDEX Corporation reported full-year of $3.269 billion in 2024, essentially flat compared to $3.274 billion in 2023, while stood at $505 million. In the first quarter of 2025, increased to $814.3 million, a 2% rise year-over-year, with adjusted diluted (EPS) of $1.75. The second quarter saw further growth, with reaching $865.4 million, up 7% from the prior year, and adjusted EPS of $2.07. By the third quarter, sales climbed to $879 million, reflecting a 10% year-over-year increase, accompanied by adjusted EPS of $2.03. Key trends in 2025 included 5% organic sales growth in the third quarter, driven by strong performance in core segments amid macroeconomic challenges. Acquisition activity provided additional boosts, notably a 22% increase in Health & Science Technologies (HST) segment sales, fueled by the September 2024 acquisition of Mott Corporation and the July 2025 purchase of Micro-LAM, Inc. Overall, the company anticipates 1% organic sales growth for the full year 2025. Profitability metrics remained robust, with gross margins consistently around 44% across recent quarters, reflecting efficient cost management and pricing discipline. Adjusted EBITDA margins improved to 27.3% in the third quarter, up from prior periods due to volume leverage and productivity gains. For the full year , IDEX guided adjusted diluted EPS to $7.86–$7.91, with adjusted EBITDA margins expected at 26.5%–27.5%.

Stock and market information

IDEX Corporation's common stock trades on the under the IEX. As of November 10, 2025, the stock closed at $168.80 per share, reflecting a of approximately $12.6 billion. Historically, IDEX stock has demonstrated long-term growth, with an investor purchasing $1,000 worth of shares at the 1989 IPO seeing substantial appreciation by 2025. However, in 2025, the stock underperformed the broader market, declining 18.59% year-to-date amid value factors, despite the company's strong fundamentals. IDEX maintains a regular , paying a quarterly cash of $0.71 per share, with the most recent on October 10, 2025, and payment on October 24, 2025. On November 13, 2025, the company declared the next quarterly of $0.71 per share, payable on January 30, 2026, to shareholders of record as of January 16, 2026. The company has also increased its activity to support , authorizing an additional $1 billion in repurchases in September 2025 and utilizing $175 million year-to-date through the third quarter. IDEX expects to return at least 70% of its 2025 to shareholders via dividends and repurchases. Analysts maintain a positive outlook on IDEX, with a consensus "Strong Buy" rating and an average price target of $198.80 as of late 2025. Credit ratings remain stable, including Fitch's affirmation of 'BBB+' with a stable outlook on September 29, 2025. As a constituent of the , IDEX benefits from broad market index inclusion.

References

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