LAKE FOREST, Ill.--(BUSINESS WIRE)--Nov. 8, 2013--
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 over $1 billion for acquisitions while maintaining
strong capital adequacy. This additional authorization allows us to take
advantage of periodic dislocations in the stock price while maintaining
our capital deployment strategy focused on growth. 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.
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”.
For further information on IDEX Corporation and its business units,
visit the company’s Web site at www.idexcorp.com.
Source: IDEX Corporation
IDEX Corporation
Heath A. Mitts
Vice President–Chief Financial
Officer
847.498.7070