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IDEX Reports Record Third Quarter Results; Similar Fourth Quarter Anticipated; Record Year Expected

Pentair’s 3rd Quarter EPS in Line with Revised Expectations, Sales Up 18%; Water and Enclosures Groups Continue Strong Growth Momentum

HOUSTON–(BUSINESS WIRE)–Oct. 16, 2000–National-Oilwell, Inc. (NYSE:NOI) announced that its backlog as of September 30, 2000 increased to $180 million, up from $142 million at June 30, 2000 and from $49 million a year ago.

On October 10, Grundfos officially opened a new production factory in Tatabánya, Hungary, in the presence of His Royal Highness, Prince Joachim, as well as representatives of the Hungarian government and others. The new 14,500 sq m factory will hold Group motor production.

Cardo is an international engineering group with a turnover of SEK 9.5 billion in 1999. Cardo holds a strong position in the markets for doors, pumps and rail-vehicle brake systems. Cardo has subsidiaries in about 30 countries with the focal point resting in western Europe, and roughly 7,700 employees.

Cardo Pump (one part of the Cardo Group) is one of Europe’s largest manufacturers of pumps, mixers and aerators for use in water and wastewater treatment plants, the process industry and the construction sector. Cardo Pump’s products are marketed under the brand names ABS, Pumpex and Lorentzen & Wettre.

Thomas Widstrand has been appointed the new president of ABS, the leading manufacturer of pumps, mixers and aerators for water and wastewater applications, process industries and building & construction. ABS offers one of the most comprehensive product programmes within ist market segments, and leads the development in cost-effective solutions.

NORTHBROOK, Ill., IDEX Corporation (NYSE: IEX), a leading manufacturer of proprietary engineered industrial products, announced a realignment in the management structure and the responsibilities of several of its senior executives, allowing it to more efficiently and effectively pursue profitable growth opportunities and margin enhancing initiatives. The new management structure will become effective October 1.

HOUSTON–National-Oilwell, Inc. today announced that it has acquired the Wheatley Gaso and Omega pump product lines from Halliburton Company for approximately $13 million cash. In 1999, the acquired business had revenues of almost $20 million.

CEDAR FALLS, Iowa, IDEX Corporation (NYSE: IEX), a leading manufacturer of proprietary engineered industrial products, today announced the appointment of Glen C. Springer as president of its Viking Pump subsidiary in Cedar Falls, Iowa. Springer succeeds John L. McMurray, who was appointed vice president of operational excellence for IDEX.

Charles H. (Chuck) Norris, Jr., has been named president of Marley Pump following the resignation of Robert Moore on Tuesday. Norris begins his new position immediately and reports to Jamie Gibbs, president of Marley Cooling Tower.