LAKE FOREST, Ill.--(BUSINESS WIRE)--Dec. 1, 2015--
IDEX CORPORATION (NYSE: IEX) today announced its Board of
Directors has approved an additional share repurchase authorization of
up to $300 million of IDEX’s outstanding common shares.
Chairman and Chief Executive Officer Andrew Silvernail stated, “The
share repurchase authorization is consistent with our intention of
deploying capital in a manner that benefits our shareholders. We have
reviewed our capital requirements over the planning horizon and have the
capability to deploy in excess of $1 billion for acquisitions and
organic growth initiatives while maintaining strong capital adequacy.
IDEX continues to generate very strong free cash and we believe that
repurchasing IDEX stock is a prudent use of our strong cash flow and
balance sheet that, coupled with organic investments and new
acquisitions, will continue to maximize our shareholders return.”
These repurchases will be made from time to time in either open market
transactions or in privately negotiated transactions. Repurchases may
also be made under 10b5-1 plans, which would permit shares to be
repurchased through pre–determined criteria when the Company would
otherwise be prohibited from doing so under insider trading laws. The
timing, volume and nature of share repurchases will be at the discretion
of management, dependent on market conditions, other priorities of cash
investment, applicable securities laws and other factors. This share
repurchase program does not obligate the Company to acquire any
particular amount of common stock, and it may be suspended or
discontinued at any time.
About IDEX
IDEX Corporation is an applied solutions company specializing in fluid
and metering technologies, health and science technologies, and fire,
safety and other diversified products built to its customers’ exacting
specifications. Its products are sold in niche markets to a wide range
of industries throughout the world. IDEX shares are traded on the New
York Stock Exchange and Chicago Stock Exchange under the symbol “IEX”.
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Source: IDEX Corporation
IDEX Corporation
Heath Mitts
Senior Vice President–Chief
Financial Officer
847.498.7070