IDEX Corporation to Combine Liquid Controls and Corken; Wacker to Lead Combined Business; Springer to Retire from Viking Pump and Be Succeeded By Fairbanks
NORTHBROOK, Ill., June 11 /PRNewswire/ -- IDEX Corporation (NYSE: IEX), a leading manufacturer of proprietary industrial products, reported that it will combine its Corken business unit with Liquid Controls, which IDEX acquired in January 2001.
As part of this change, the company announced that Fred G.
Wacker III, 41, president of Liquid Controls, would remain in this post for
the combined entity, and that Steven C. Fairbanks, 42, the current head of
Corken, will become president of Viking Pump effective June 13. Fairbanks
will succeed Glen C. Springer, 58, who has been appointed Viking's chairman of
the board. Springer will be retiring from the company later this summer. All
three executives will continue to report to Rodney L. Usher, vice
president-group executive for pump businesses. IDEX also announced that Chuck
S. Zegrati, Corken's vice president of engineering, has assumed the new
responsibility of vice president operations at Corken and now will report to
Commenting on the business unit and management realignment within the Pump
Group Usher said, "We decided to combine Liquid Controls and Corken under the
same leader to improve our ability to serve customers more effectively. Both
Liquid Controls -- a producer of positive displacement, turbine and
electromagnetic flowmeters and electronic registration systems -- and
Corken -- a manufacturer of positive displacement rotary vane and turbine
pumps and compressors -- have much in common. They have similar distribution
channels, customers and opportunities to better serve their global petroleum,
LP gas, chemical, food processing and general industrial end-markets. Most
importantly, this will allow more rapid development of new Liquid
Controls/Corken products to bring more complete solutions to our customers.
"We are excited that Fred Wacker and Steve Fairbanks will be assuming
expanded responsibilities. Fred's knowledge of our markets and experience
with product development will accelerate new product introduction. Steve's
experience at Corken and his prior assignment at Gast Manufacturing have
prepared him for the leadership of Viking Pump. Steve will be succeeding Glen
Springer, who is retiring after 12 years of service with Viking. Under Glen's
leadership, Viking has made significant progress in furthering its global
leadership in positive displacement rotary gear pumps. Glen enters his
retirement with our best wishes," Usher concluded.
Source: IDEX Corporation