IDEX Stock Price, News & Analysis

IDEX (NYSE: IEX) has completed its acquisition of Mott , a leader in sintered porous material structures and flow control solutions. This strategic move expands IDEX's applied material science technology capabilities in high-value end markets. As part of IDEX's Health & Science Technologies segment, Mott is expected to:

• Enhance delivery of innovative, customized micro-precision solutions
• Increase opportunities in semiconductor, energy transition, medical technologies, space & defense, and water purification industries
• Complement recent integrations of Muon Group, Iridian Spectral Technologies, and STC Material Solutions
• Drive value creation through 8020 and IDEX Operating Model implementation

The acquisition aligns with IDEX's strategy to deliver long-term, compounding value to customers, employees, and shareholders.

Amprius Technologies (NYSE: AMPX), a leader in next-generation lithium-ion batteries, has appointed Tony Satterthwaite as an independent director to its Board of Directors, effective August 13, 2024. Satterthwaite, a transportation industry veteran with over 30 years of global power generation experience, will also join the Board's Compensation Committee. He brings valuable expertise in building brands and addressing customer needs across power generation, EV, and broader transportation markets.

Satterthwaite is currently a Senior Vice President at Cummins, Inc. and serves on the boards of IDEX , The Chemours Company, and the National Association of Manufacturers. This appointment follows his election to Amprius' Advisory Council in September 2023. Concurrently, Mary Gustanski has stepped down from the Amprius Board, effective August 12, 2024. The board will maintain seven directors, with six being independent.

IDEX (NYSE: IEX) has announced the pricing of its public offering of $500 million principal amount of 4.950% Senior Notes due 2029. The notes will be unsecured senior obligations ranking equally with IDEX's existing and future senior indebtedness. The offering is expected to close on August 21, 2024, subject to customary conditions. IDEX estimates net proceeds of approximately $495.0 million after deducting underwriting discounts, commissions, and estimated expenses.

The company plans to use the proceeds, along with available revolving credit facility borrowings and cash on hand, to fund the cash consideration for its previously announced acquisition of Mott and its subsidiaries, as well as to pay related fees and expenses. Wells Fargo Securities, BofA Securities, and J.P. Morgan Securities are acting as joint book-running managers for the offering.

IDEX (NYSE: IEX) reported its Q2 2024 financial results, showing a 5% decrease in sales to $807 million and a 2% increase in reported diluted EPS to $1.86. The company revised its full-year outlook, projecting an organic sales decline of 1% to 2% and adjusting its GAAP diluted EPS guidance to $6.85 - $6.95. Despite macro headwinds, IDEX expanded margins sequentially and maintained strong execution. The company announced plans to acquire Mott for $1.0 billion and divested Alfa Valvole Srl for $45.5 million. Segment performance varied, with Health & Science Technologies experiencing the most significant decline in organic sales at 11%.

IDEX (NYSE: IEX) has announced a definitive agreement to acquire Mott for $1 billion in cash, with a net transaction value of approximately $900 million after tax benefits. Mott specializes in sintered porous material structures and flow control solutions, serving high-value markets such as semiconductors, energy, and water purification.

The acquisition is expected to:

• Expand IDEX's applied material science technologies portfolio
• Enhance capabilities in delivering customized micro-precision solutions
• Increase opportunities in key industries
• Drive near- and long-term value creation through 80/20 implementation

The transaction is anticipated to close by the end of Q3 2024 and be accretive to adjusted earnings per share in fiscal year 2026.

IDEX (NYSE: IEX) has announced the webcast of its second quarter earnings call scheduled for August 1, 2024, at 9:30 a.m. CT. CEO Eric Ashleman and CFO Abhi Khandelwal will discuss the financial performance of Q2 2024 and address questions from the financial community. Investors can access the live call and presentation slides on IDEX's official website. A replay will be available until September 1, 2024. IDEX , known for its diverse range of products including Viking internal gear pumps and Hurst Jaws of Life, operates over 50 businesses globally with $3.3 billion in annual sales. The company's stock trades on the NYSE under the symbol 'IEX'.

IDEX (NYSE: IEX) announced that its Board of Directors has approved a regular quarterly cash dividend of $0.69 per common share.

The dividend will be paid on July 26, 2024, to shareholders of record as of July 12, 2024.

This marks the 119th consecutive quarterly cash dividend payment by the company.

Chemours (NYSE: CC) has appointed Livingston “Tony” Satterthwaite to its Board of Directors, effective June 12. Tony, currently a Senior VP at Cummins, brings over 35 years of leadership experience. He has held leadership roles at Cummins, including President of Power Generation and COO. Tony will retire from Cummins in September 2024. He also serves on the boards of IDEX , the National Association of Manufacturers, and the Cummins Foundation. Tony holds an MBA from Stanford and a civil engineering degree from Cornell. Chemours’ leadership expresses confidence in Tony’s expertise to drive business growth.

Tony Satterthwaite, Senior Vice President at Cummins (NYSE: CMI), will retire in September 2024 after a 36-year career. Satterthwaite's tenure included significant growth and innovation, particularly in the Power Generation Business. He led several successful product launches and expanded the company's reach internationally. Jennifer Rumsey, CEO, praised his leadership, especially during the COVID-19 pandemic. Satterthwaite also focused on investing in people, building strong leaders within the company. His departure marks the end of an era, having held critical sales, regional, and business leadership roles, and serving on various boards.