IDEX Corporation Enters Definitive Agreement to Acquire Banjo Corporation.

NORTHBROOK, Ill. -- IDEX Corporation (NYSE: IEX) today announced it has entered into a definitive agreement to acquire Banjo Corporation, a leader in special purpose, severe duty pumps, valves, fittings and systems which serve both OEM and after-market applications in agricultural and industrial liquid handling. Based in Crawfordsville, Indiana, Banjo has revenues of approximately $44 million.

Commenting on the agreement, IDEX Chairman and Chief Executive Officer Larry Kingsley said, "Banjo is a terrific addition to our company and an excellent fit within our highly engineered, applied solutions business profile. Banjo's track record for innovation and growth in attractive niche segments, such as chemical, alternative fuels and other emerging agricultural and industrial applications, provides for continued organic growth opportunities.

"Upon completion," Kingsley continued, "we anticipate that Banjo, along with our previously-announced acquisitions of EPI and JUN-AIR, should produce annualized net sales of approximately $100 million with operating margins in a range of 23 to 25 percent. We expect these acquisitions to be accretive to net earnings in the first year."

Mike Bowman, President of Banjo Corporation, said, "We are excited about our decision to join IDEX. We have similar philosophies in business and marketing strategies, which will enable Banjo to expand its markets and product lines domestically and around the world."

Subject to regulatory approval, the Banjo transaction is expected to close in early October. The cash purchase price of approximately $183 million will be funded by the company's current cash balance and $600 million Credit Facility.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. These statements may relate to, among other things, capital expenditures, cost reductions, cash flow, and operating improvements and are indicated by words or phrases such as "anticipate," "estimate," "plans," "expects," "projects," "should," "will," "management believes," "the company believes," "the company intends," and similar words or phrases. These statements are subject to inherent uncertainties and risks that could cause actual results to differ materially from those anticipated at the date of this news release. The risks and uncertainties include, but are not limited to, the following: economic and political consequences resulting from terrorist attacks and wars; levels of industrial activity and economic conditions in the U.S. and other countries around the world; pricing pressures and other competitive factors, and levels of capital spending in certain industries - all of which could have a material impact on order rates and IDEX's results, particularly in light of the low levels of order backlogs it typically maintains; its ability to make acquisitions and to integrate and operate acquired businesses on a profitable basis; the relationship of the U.S. dollar to other currencies and its impact on pricing and cost competitiveness; political and economic conditions in foreign countries in which the company operates; interest rates; capacity utilization and the effect this has on costs; labor markets; market conditions and material costs; and developments with respect to contingencies, such as litigation and environmental matters. The forward-looking statements included here are only made as of the date of this news release, and management undertakes no obligation to publicly update them to reflect subsequent events or circumstances. Investors are cautioned not to rely unduly on forward-looking statements when evaluating the information presented here.

About IDEX

IDEX Corporation is an applied solutions company specializing in fluid and metering technologies, health and science technologies, dispensing equipment, and fire, safety and other diversified products built to its customers' exacting specifications. Its products are sold in niche markets to a wide range of industries throughout the world. IDEX shares are traded on the New York Stock Exchange and Chicago Stock Exchange under the symbol "IEX".

For further information on IDEX Corporation and its business units, visit the company's Web site at www.idexcorp.com.