IDEX Sells Dispensing Business


IDEX Corporation announced the sale of Lubriquip, Inc., its lubricant dispensing business, to Graco Inc., as IDEX aligns its dispensing segment to focus on core strengths. Terms of the transaction were not disclosed.

IDEX expects to report an after-tax gain on the sale of the business in the third quarter of 2006 of approximately $16 to $17 million, or $0.29 to $0.31 per diluted share, which will be partially offset by the discontinuation of the ongoing earnings from the business in 2006. For informational purposes, full year 2005 revenues and earnings per share for Lubriquip were approximately $30 million and $0.05 per share, respectively. IDEX will report the Lubriquip business as a discontinued operation beginning with its second quarter earnings release on July 20, 2006.

Lubriquip manufactures and markets centralized and automated oil and grease lubrication systems, force-feed lubricators, metering devices, and related electronic controls and accessories. Lubriquip has approximately 130 employees with facilities in Warrensville Heights, Ohio, and Madison, Wisconsin.

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