IDEX Corporation on July 11 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.
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
