IDEX Corporation to Combine Liquid Controls and Corken; Wacker to Lead Combined Business; Springer to Retire from Viking Pump and Be Succeeded By Fairbanks

14.06.2001

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

Wacker.

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.

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