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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------------------------------
FORM 10-Q

(MARK ONE)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTER ENDED JUNE 30, 2001

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM ____________ TO ____________

COMMISSION FILE NUMBER 1-10235

IDEX CORPORATION
(Exact Name of Registrant as Specified in its Charter)

<Table>

DELAWARE 36-3555336
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
630 DUNDEE ROAD, NORTHBROOK, ILLINOIS 60062
(Address of principal executive offices) (Zip Code)
</Table>

Registrant's telephone number: (847) 498-7070

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.

Yes X No __

Number of shares of common stock of IDEX Corporation ("IDEX" or the
"Company") outstanding as of July 31, 2001: 30,559,071.
- --------------------------------------------------------------------------------
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2

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

IDEX CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS EXCEPT SHARE AND PER SHARE AMOUNTS)

<Table>
<Caption>
JUNE 30, DECEMBER 31,
2001 2000
-------- ------------
(UNAUDITED)

ASSETS
Current assets
Cash and cash equivalents................................. $ 9,850 $ 8,415
Receivables -- net........................................ 111,425 104,950
Inventories............................................... 115,401 113,052
Other current assets...................................... 9,441 5,672
-------- --------
Total current assets................................. 246,117 232,089
Property, plant and equipment -- net........................ 146,403 128,283
Intangible assets -- net.................................... 469,724 388,163
Other noncurrent assets..................................... 11,885 10,319
-------- --------
Total assets......................................... $874,129 $758,854
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Short-term debt........................................... $ -- $ 88,077
Trade accounts payable.................................... 43,761 43,342
Dividends payable......................................... 4,274 4,236
Accrued expenses.......................................... 48,634 42,156
-------- --------
Total current liabilities............................ 96,669 177,811
Long-term debt.............................................. 331,801 153,809
Other noncurrent liabilities................................ 57,574 52,732
-------- --------
Total liabilities.................................... 486,044 384,352
-------- --------
Shareholders' equity
Common stock, par value $.01 per share
Shares authorized: 2001 and 2000 -- 75,000,000
Shares issued and outstanding: 2001 -- 30,505,994;
2000 -- 30,258,231.................................... 305 303
Additional paid-in capital................................ 119,702 115,280
Retained earnings......................................... 291,599 279,907
Minimum pension liability adjustment...................... (2,127) (2,127)
Accumulated translation adjustment........................ (13,133) (10,489)
Unrealized losses on derivatives.......................... (117) --
Treasury stock............................................ (865) (144)
Unearned compensation on restricted stock................. (7,279) (8,228)
-------- --------
Total shareholders' equity........................... 388,085 374,502
-------- --------
Total liabilities and shareholders' equity........... $874,129 $758,854
======== ========
</Table>

See Notes to Consolidated Financial Statements.

1
3

IDEX CORPORATION AND SUBSIDIARIES
STATEMENTS OF CONSOLIDATED OPERATIONS
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)

<Table>
<Caption>
SECOND QUARTER ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
-------------------- --------------------
2001 2000 2001 2000
-------- -------- -------- --------
(UNAUDITED) (UNAUDITED)

Net sales........................................... $192,622 $185,258 $380,017 $361,920
Cost of sales....................................... 121,914 112,327 240,532 218,434
-------- -------- -------- --------
Gross profit........................................ 70,708 72,931 139,485 143,486
Selling, general and administrative expenses........ 40,977 38,257 83,778 75,949
Goodwill amortization............................... 3,490 2,918 6,969 5,818
Restructuring charge................................ -- -- 5,661 --
-------- -------- -------- --------
Operating income.................................... 26,241 31,756 43,077 61,719
Other income (expense) -- net....................... 179 356 405 (143)
-------- -------- -------- --------
Income before interest expense and income taxes..... 26,420 32,112 43,482 61,576
Interest expense.................................... 5,198 4,060 10,601 8,224
-------- -------- -------- --------
Income before income taxes.......................... 21,222 28,052 32,881 53,352
Provision for income taxes.......................... 8,229 10,520 12,659 20,007
-------- -------- -------- --------
Net income.......................................... $ 12,993 $ 17,532 $ 20,222 $ 33,345
======== ======== ======== ========
Basic earnings per common share..................... $ .43 $ .58 $ .67 $ 1.12
======== ======== ======== ========
Diluted earnings per common share................... $ .42 $ .57 $ .65 $ 1.09
======== ======== ======== ========
Share data:
Weighted average common shares outstanding.......... 30,137 29,989 30,067 29,826
======== ======== ======== ========
Weighted average common shares outstanding assuming
full dilution..................................... 31,073 30,808 30,994 30,486
======== ======== ======== ========
</Table>

See Notes to Consolidated Financial Statements.

2
4

IDEX CORPORATION AND SUBSIDIARIES

STATEMENT OF CONSOLIDATED SHAREHOLDERS' EQUITY
(IN THOUSANDS EXCEPT SHARE AND PER SHARE AMOUNTS)
(UNAUDITED)
<Table>
<Caption>
COMMON
STOCK & MINIMUM UNREALIZED UNEARNED
ADDITIONAL PENSION ACCUMULATED GAINS COMPENSATION
PAID-IN RETAINED LIABILITY TRANSLATION (LOSSES) ON TREASURY ON
CAPITAL EARNINGS ADJUSTMENT ADJUSTMENT DERIVATIVES STOCK RESTRICTED STOCK
---------- -------- ---------- ----------- ----------- -------- ----------------

Balance, December 31,
2000..................... $115,583 $279,907 $(2,127) $(10,489) $ -- $(144) $(8,228)
-------- -------- ------- -------- ----- ----- -------
Net Income................. 20,222
--------
Other comprehensive income
(loss)
Cumulative effect of
accounting change...... 204
Unrealized derivative
losses................. (321)
Unrealized translation
adjustment............. (2,644)
-------- -------- -----
Other comprehensive
income (loss)........ (2,644) (117)
-------- -------- -----
Comprehensive income
(loss)............... 20,222 (2,644) (117)
-------- -------- -----
Issuance of 270,478 shares
of common stock, net of
those surrendered........ 4,424
Amortization of restricted
stock.................... 949
Restricted shares
surrendered for tax
withholdings............. (721)
Cash dividends declared on
common stock ($.14 per
share)................... (8,530)
-------- -------- ------- -------- ----- ----- -------
Balance, June 30, 2001..... $120,007 $291,599 $(2,127) $(13,133) $(117) $(865) $(7,279)
======== ======== ======= ======== ===== ===== =======

TOTAL
SHAREHOLDERS'
EQUITY
-------------

Balance, December 31,
2000..................... $374,502
--------
Net Income................. 20,222
--------
Other comprehensive income
(loss)
Cumulative effect of
accounting change...... 204
Unrealized derivative
losses................. (321)
Unrealized translation
adjustment............. (2,644)
--------
Other comprehensive
income (loss)........ (2,761)
--------
Comprehensive income
(loss)............... 17,461
--------
Issuance of 270,478 shares
of common stock, net of
those surrendered........ 4,424
Amortization of restricted
stock.................... 949
Restricted shares
surrendered for tax
withholdings............. (721)
Cash dividends declared on
common stock ($.14 per
share)................... (8,530)
--------
Balance, June 30, 2001..... $388,085
========
</Table>

See Notes to Consolidated Financial Statements.

3
5

IDEX CORPORATION AND SUBSIDIARIES
STATEMENTS OF CONSOLIDATED CASH FLOWS
(IN THOUSANDS)

<Table>
<Caption>
SIX MONTHS ENDED
JUNE 30,
---------------------
2001 2000
--------- --------
(UNAUDITED)

Cash flows from operating activities
Net income.................................................. $ 20,222 $ 33,345
Adjustments to reconcile to net cash provided by operations:
Depreciation and amortization............................. 13,424 11,484
Amortization of intangibles............................... 7,717 6,593
Amortization of unearned compensation..................... 949 317
Amortization of debt issuance expenses.................... 130 112
Restructuring charge...................................... 5,661 --
Deferred income taxes..................................... 2,243 25
Decrease (increase) in receivables........................ 5,666 (12,051)
Decrease (increase) in inventories........................ 10,992 (3,160)
(Decrease) increase in trade accounts payable............. (4,600) 6,406
Decrease in accrued expenses.............................. (2,997) (426)
Other -- net.............................................. (8,890) (6,286)
--------- --------
Net cash flows from operating activities............... 50,517 36,359
--------- --------
Cash flows from investing activities
Additions to property, plant and equipment................ (11,110) (8,567)
Acquisition of businesses (net of cash acquired).......... (129,637) (34,369)
--------- --------
Net cash flows from investing activities............... (140,747) (42,936)
--------- --------
Cash flows from financing activities
Borrowings under credit facilities for acquisitions....... 129,637 34,369
Net repayments under credit facilities.................... (31,369) (15,847)
Repayments of other long-term debt........................ (3,412) (2,154)
Increase in accrued interest.............................. 307 30
Dividends paid............................................ (8,493) (8,355)
Proceeds from stock option exercises...................... 4,995 1,193
Purchase of common stock.................................. -- (46)
--------- --------
Net cash flows from financing activities............... 91,665 9,190
--------- --------
Net increase in cash........................................ 1,435 2,613
Cash and cash equivalents at beginning of year.............. 8,415 2,895
--------- --------
Cash and cash equivalents at end of period.................. $ 9,850 $ 5,508
========= ========
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for:
Interest.................................................. $ 10,425 $ 8,082
Income taxes.............................................. 6,321 18,937
Significant non-cash activities:
Debt acquired with acquisition of business................ 2,931 --
</Table>

See Notes to Consolidated Financial Statements.

4
6

IDEX CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

1. BUSINESS

IDEX Corporation ("IDEX" or the "Company") manufactures an extensive array
of proprietary engineered industrial products sold to customers in a variety of
industries around the world. The Company believes that each of its principal
business units holds the number-one or number-two market share position in each
unit's niche market. IDEX believes that its consistent financial performance has
been attributable to the manufacture of quality proprietary products designed
and engineered by the Company, coupled with its ability to identify and
successfully integrate strategic acquisitions. IDEX consists of three reportable
business segments: Pump Products Group, Dispensing Equipment Group, and Other
Engineered Products Group.

The Pump Products Group designs, produces and distributes a wide variety of
industrial pumps, compressors, meters and related controls for the movement of
liquids, air and gases. The devices and equipment produced by the group are used
by a large and diverse set of industries, including chemical processing,
machinery, water treatment, medical equipment, petroleum distribution, oil and
refining, and food processing.

The Dispensing Equipment Group produces highly engineered equipment for
dispensing, metering and mixing colorants, paints, inks and dyes; refinishing
equipment; and centralized lubrication systems. This proprietary equipment is
used in a variety of retail and commercial industries around the world. These
units provide componentry and systems for applications such as tinting paints
and coatings; providing industrial and automotive refinishing equipment; and the
precise lubrication of machinery and transportation equipment.

The Other Engineered Products Group manufactures engineered banding and
clamping devices, fire fighting pumps and rescue tools. The high-quality
stainless steel bands, buckles and preformed clamps and related installation
tools are used in applications including securing hoses, signals, pipes, poles,
electrical lines, sign-mounting systems and numerous other "hold-together"
applications. The group also includes a leading manufacturer of truck-mounted
fire pumps and rescue tool systems used by public and private fire and rescue
organizations and electronic devices and systems for the specialty vehicle
market.

Information follows about the operations of IDEX in different business
segments based on the nature of products and services offered. The Company's
basis of segmentation and basis of segment profit measurement for the six months
ended June 30, 2001, are the same as those set forth under "Business Segments
and Geographic Information" on pages 30 and 31 of the 2000 Annual Report to
Shareholders. Intersegment sales are accounted for at fair value as if the sales
were to third parties. Amounts are in thousands.

5
7
IDEX CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
(UNAUDITED)

<Table>
<Caption>
SECOND QUARTER ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
-------------------- --------------------
2001 2000 2001 2000
---- ---- ---- ----

Net sales
Pump Products
From external customers........................ $109,713 $101,109 $218,995 $199,450
Intersegment sales............................. 720 797 1,180 1,443
-------- -------- -------- --------
Total group sales......................... 110,433 101,906 220,175 200,893
-------- -------- -------- --------
Dispensing Equipment
From external customers........................ 41,577 47,172 77,411 87,091
Intersegment sales............................. -- -- -- 1
-------- -------- -------- --------
Total group sales......................... 41,577 47,172 77,411 87,092
-------- -------- -------- --------
Other Engineered Products
From external customers........................... 41,332 36,977 83,611 75,379
Intersegment sales............................. 1 1 1 2
-------- -------- -------- --------
Total group sales......................... 41,333 36,978 83,612 75,381
-------- -------- -------- --------
Intersegment elimination.......................... (721) (798) (1,181) (1,446)
-------- -------- -------- --------
Total net sales........................... $192,622 $185,258 $380,017 $361,920
======== ======== ======== ========
Operating income
Pump Products..................................... $ 16,721 $ 18,942 $ 32,946 $ 38,265
Dispensing Equipment.............................. 6,626 10,715 11,274 17,932
Other Engineered Products......................... 6,627 6,549 12,674 13,988
Restructuring charge.............................. -- -- (5,661) --
Corporate Office and Other........................ (3,733) (4,450) (8,156) (8,466)
-------- -------- -------- --------
Total operating income.................... $ 26,241 $ 31,756 $ 43,077 $ 61,719
======== ======== ======== ========
</Table>

Operating income represents business segment operating income after noncash
amortization of intangible assets. The restructuring charge of $5,661 was not
assigned to the individual group segments. Had the Company allocated the
restructuring charge, the charge would have been assigned to the groups as
follows: Pump Products ($4,623), Dispensing Equipment ($592), and Other
Engineered Products ($446).

2. DERIVATIVE INSTRUMENTS

The Company adopted SFAS No. 133, "Accounting for Derivative Instruments
and Hedging Activities," on January 1, 2001. SFAS No. 133 establishes accounting
and reporting standards for derivative instruments and for hedging activities.
SFAS No. 133 requires that derivative financial instruments be recognized in the
financial statements at fair value. Changes in the fair value of derivative
financial instruments are either recognized periodically in income or
shareholders' equity (as a component of comprehensive income), depending on
whether the derivative is being used to hedge changes in fair value or cash
flows. The adoption of SFAS No. 133 did not have a material effect on IDEX's
balance sheet or statement of operations, but did initially increase
comprehensive income by $0.2 million in the accompanying consolidated statement
of shareholders' equity.

IDEX uses derivative financial instruments principally to manage the risk
that changes in interest rates will affect either the fair value of its debt
obligations or the amount of its future interest payments. At June 30, 2001, the
Company had three interest rate swaps, expiring between August 2001 and March
2002, which effectively converted $67.1 million of floating rate debt into fixed
rate debt at interest rates approximating 5.2%. The fair market value of these
interest rate swaps was a net expense of $0.1 million at June 30, 2001 as
reported in accumulated other comprehensive income. Fair values relating to
derivative financial instruments reflect the estimated amounts that the Company
would receive or pay to terminate the contracts at the reporting date based on
quoted market prices of comparable contracts as of June 30, 2001. The net gain
or loss on these interest rate swap contracts was not material during the first
six months of 2001.

6
8
IDEX CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
(UNAUDITED)

3. ACQUISITIONS

The Company completed the acquisitions of Versa-Matic Tool, Inc. (June
2001); Liquid Controls L.L.C. (January 2001); and Class 1, Inc. (January 2001)
for an aggregate purchase price of $133 million, with financing provided by
borrowings under the U.S. Credit Facility. Versa-Matic, headquartered in Export,
Pennsylvania, is a leading manufacturer and distributor of air-operated double
diaphragm pumps and pump replacement parts. Liquid Controls, headquartered in
Lake Bluff, Illinois, is a leading manufacturer of positive displacement flow
meters, electronic registration and process control systems. Class 1,
headquartered in Ocala, Florida, is a leading manufacturer of electronic and
mechanical components and systems for the specialty vehicle market. Versa-Matic
and Liquid Controls are operated as part of the Pump Products Group, and Class 1
is operated as part of the Other Engineered Products Group.

The Company acquired Ismatec SA (April 2000), and Trebor International,
Inc. (May 2000), at a total purchase price of approximately $35 million with
borrowings under the Company's U.S. Credit Facility. Ismatec, with headquarters
near Zurich, Switzerland, is a leading European manufacturer of peristaltic
metering pumps, analytical process controllers and sample preparation systems.
These products typically are used for scientific research and development in the
pharmaceutical, medical, biotech and institutional laboratory markets. Trebor,
with headquarters near Salt Lake City, is a leading designer and manufacturer of
high-purity fluid handling products, including air-operated diaphragm pumps and
deionized water-heating systems. Trebor's products are incorporated into wet
chemical processing, and chemical delivery and blending systems. Ismatec and
Trebor are being operated as part of the Pump Products Group.

All acquisitions were accounted for as purchases, and operating results
include the acquisitions from the dates of purchase. Cost in excess of net
assets acquired is amortized on a straight-line basis over a 40 year period.

4. RESTRUCTURING CHARGE

In April 2001, the Company announced a restructuring program with
aggressive actions to properly size its operations to current business
conditions. These actions were designed to reduce costs and improve operating
efficiencies. The program included, among other items, severance of employees,
fringe benefits, outplacement fees, and the plant consolidation of two
facilities. The restructuring, affected all three business groups, reduced the
Company's current workforce by approximately 250 employees, representing 6% of
the total workforce, and consolidates Gast Manufacturing's two production
facilities in southwest Michigan.

The restructuring program costs are shown as a separate item in the
accompanying income statement and resulted in a charge to operations of $5,661
($3,509 after taxes), or $0.12 per share. Excluding the charge, fully diluted
earnings per share would have been $0.77 a share for the six months ended June
30, 2001. At June 30, 2001, the amount remaining in the accruals for the
restructuring program was approximately $4.0 million. Approximately $4.0 million
of the restructuring accrual will be utilized by December 31, 2001 and the
remainder will be utilized by March 2003.

5. DEBT

During June 2001, IDEX entered into a new five-year Credit Agreement
replacing the former Credit Facility which was to expire on July 1, 2001.
Accordingly, the Company's borrowings thereunder, along with accrued interest,
have been classified as long-term debt at June 30, 2001.

7
9
IDEX CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
(UNAUDITED)

6. EARNINGS PER COMMON SHARE

Earnings per common share (EPS) are computed by dividing net income by the
weighted average number of shares of common stock (basic) plus common stock
equivalents and unvested restricted shares (diluted) outstanding during the
year. Common stock equivalents consist of stock options and have been included
in the calculation of weighted average shares outstanding using the treasury
stock method. Basic weighted average shares reconciles to fully diluted weighted
average shares as follows (in thousands):

<Table>
<Caption>
SECOND QUARTER SIX MONTHS
ENDED ENDED
JUNE 30, JUNE 30,
---------------- ----------------
2001 2000 2001 2000
------ ------ ------ ------

Basic weighted average common shares
outstanding............................... 30,137 29,989 30,067 29,826
Dilutive effect of stock options and
unvested restricted shares................ 936 819 927 660
------ ------ ------ ------
Weighted average common shares outstanding
assuming full dilution.................... 31,073 30,808 30,994 30,486
====== ====== ====== ======
</Table>

7. INVENTORIES

The components of inventories as of June 30, 2001 and December 31, 2000
were (in thousands):

<Table>
<Caption>
JUNE 30, DECEMBER 31,
2001 2000
-------- ------------

Raw materials......................................... $ 39,558 $ 32,020
Work in process....................................... 14,783 13,852
Finished goods........................................ 61,060 67,180
-------- --------
Total................................................. $115,401 $113,052
======== ========
</Table>

Those inventories which were carried on a LIFO basis amounted to $95,276 at
June 30, 2001, and $91,532 December 31, 2000, respectively. The excess of
current cost over LIFO inventory value and the impact of using the LIFO method
on earnings are not material.

8. COMMON AND PREFERRED STOCK

The Company had five million shares of preferred stock authorized but
unissued at June 30, 2001, and December 31, 2000.

9. NEW ACCOUNTING PRONOUNCEMENTS

In July 2001, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards ("SFAS") No. 141, "Business Combinations" and
SFAS No. 142, "Goodwill and Other Intangible Assets". SFAS No. 141 requires that
the purchase method be used for all business combinations initiated after June
30, 2001 and does not permit the pooling-of interests method for business
combinations initiated after June 30, 2001. IDEX has historically accounted for
all business combinations using the purchase method and will continue to use the
purchase method for prospective business combinations consistent with SFAS No.
141. SFAS No. 142 establishes the accounting and reporting standards for
intangible assets and goodwill. SFAS No. 142 requires that goodwill and certain
intangible assets no longer be amortized to earnings, but instead be reviewed
for impairment. The amortization of goodwill and certain intangible assets will
cease upon the required adoption of SFAS No. 142 on January 1, 2002. Management
is assessing the effects that adoption of SFAS No. 141 and SFAS No. 142 will
have on its financial position, liquidity, or results of operations.
8
10

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS.

HISTORICAL OVERVIEW AND OUTLOOK

IDEX sells a broad range of proprietary pump products, dispensing equipment
and other engineered products to a diverse customer base in the United States
and internationally. Accordingly, IDEX's businesses are affected by levels of
industrial activity and economic conditions in the U.S. and in other countries
where its products are sold and by the relationship of the U.S. dollar to other
currencies. Among the factors that influence the demand for IDEX's products are
interest rates, levels of capacity utilization and capital spending in certain
industries, and overall industrial activity.

IDEX has a history of above-average operating margins. The Company's
operating margins are impacted by, among other things, utilization of facilities
as sales volumes change and inclusion of newly acquired businesses, which may
have lower margins and whose margins are normally further reduced by purchase
accounting adjustments.

IDEX reported increased orders and sales and lower net income and earnings
per share for the three months ended June 30, 2001 compared with the
corresponding period of the prior year. New orders for the second quarter
totaled $191 million, 6% above the comparable 2000 period and $2 million more
than the first quarter 2001. Excluding the impact of foreign currency and the
five acquisitions made since the beginning of 2000 (Ismatec -- April 2000,
Trebor -- May 2000, Class 1 -- January 2001, Liquid Controls -- January 2001 and
Versa-Matic -- June 2001), orders were 7% lower than the second quarter of 2000.
Backlog was reduced $1 million during the second quarter, and IDEX ended the
quarter with a typical unfilled order backlog of slightly over one month's
sales. This customarily low level of backlog allows the Company to provide
excellent customer service, but also means that changes in orders are felt
quickly in operating results.

The following forward-looking statements are qualified by the cautionary
statement under the Private Securities Litigation Reform Act set forth below.
Management is very optimistic about the short- and long-term prospects of the
Company. Looking ahead to the balance of the year given the current economic
environment, the Company believes its sales will be in the same range as the
second quarter, and diluted earnings per share will be slightly improved due to
the restructuring and initiatives underway. IDEX operates with a very small
backlog of unfilled orders, and it is not able to assess how long the softness
in several of its end-markets is likely to last. The Company's performance will
depend upon the strength of the U.S. and key international economies. Management
is confident that in the second half of the year, IDEX will benefit from its
continued emphasis on profitable growth; the margin improvement initiatives of
Six Sigma, global sourcing and eBusiness; and by using strong cash flow to cut
debt and interest expense. The Company's management believes IDEX is well
positioned for future growth, with diversity in products and markets served and
leading positions in its niches. The Company will also continue to pursue
acquisitions that will drive the longer-term profitable growth of the Company.

CAUTIONARY STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT

The preceding paragraph and the "Liquidity and Capital Resources" sections
of this management's discussion and analysis of IDEX operations contain
forward-looking statements within the meaning of Section 27A of the Securities
Act and Section 21E of the Exchange Act. Such statements relate to, among other
things, capital expenditures, cost reduction, cash flow and operating
improvements, and are indicated by words such as "anticipate," "estimate,"
"expects," "plans," "projects," "should," "will," "management believes," "the
Company intends" and similar words or phrases. Such statements are subject to
inherent uncertainties and risks which could cause actual results to vary
materially from suggested results, including but not limited to the following:
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 the Company's results, particularly in light
of the low levels of order backlogs typically maintained by the Company; IDEX's
ability 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; interest rates; utilization of IDEX's capacity and the
affect of capacity utilization on costs; labor market conditions and raw
material costs; developments with respect to contingencies, such as
environmental matters and litigation; and other risks detailed from time to time
in the Company's filings with the Securities and Exchange Commission.

9
11

RESULTS OF OPERATIONS

For purposes of this discussion and analysis section, reference is made to
the table on page 11 and the Company's Statements of Consolidated Operations
included in the Financial Statements section. IDEX consists of three reporting
groups: Pump Products, Dispensing Equipment and Other Engineered Products.

PERFORMANCE IN THE SECOND QUARTER ENDED JUNE 30, 2001 COMPARED TO THE SAME
PERIOD OF 2000

IDEX reported increased orders and sales and lower net income and earnings
per share for the second quarter of 2001 compared with last year. Incoming
orders, $191.4 million, were 6% higher than 2000 as a result of recent
acquisitions (Ismatec -- April 2000, Trebor -- May 2000, Class 1 -- January
2001, Liquid Controls -- January 2001 and Versa-Matic -- June 2001) contributing
growth of 15%, partially offset by a 7% decrease in the base businesses and a 2%
negative effect from foreign currency translation. Net sales in the second
quarter grew 4% to $192.6 million from $185.3 million for the comparable 2000
period. Acquisitions accounted for a 13% improvement, which was partially offset
by a 7% decline in base business activity and a 2% unfavorable currency
translation. Net income was $13.0 million, 26% lower than the record $17.5
million earned in last year's second quarter. Diluted earnings per share, at 42
cents, also were down 26% from last year's record 57 cents.

In the second quarter of 2001, the Pump Products Group contributed 57% of
sales and 56% of operating income, the Dispensing Equipment Group accounted for
22% of sales and operating income, and the Engineered Products Group represented
21% of sales and 22% of operating income. International sales were 43% of total
sales, up from 41% in the same quarter of 2000. In the second quarter of 2001,
international sales grew by 8% while domestic sales increased by 1% compared
with last year. Excluding the recent acquisitions and currency translation,
international sales increased 1% while domestic sales decreased 13%.

Pump Products Group sales of $110.4 million for the three months ended June
30, 2001 increased by $8.5 million, or 8%, from 2000 principally reflecting the
Ismatec, Trebor, Liquid Controls and Versa-Matic acquisitions which added 16% to
the second quarter sales. Base business sales volume was down 7% from last year
and foreign currency had a 1% negative effect on the Group's sales comparison to
2000. In the second quarter of 2001, international sales grew by 22% and
domestic sales increased by 2% principally reflecting the recent acquisitions.
Excluding acquisitions and foreign currency, base international sales decreased
2%, while base U.S. sales volume decreased 10% with the lower U.S. sales
principally caused by weak conditions in the U.S. manufacturing sector. As a
result, sales to customers outside the U.S. increased to 37% of total group
sales in 2001 from 33% in 2000 principally due to recent acquisitions.

Dispensing Equipment Group sales of $41.6 million decreased $5.6 million,
or 12%, in the second quarter of 2001 compared with last year's second quarter.
Base business volume was down 8% from 2000 and foreign currency translation had
a 4% negative effect. In the second quarter of 2001, international sales
essentially were equal to last year, while domestic sales decreased by 25% due
to continuing weak conditions in the U.S. manufacturing sector, which caused
significant year-over-year volume declines in U.S. markets. Sales to customers
outside the U.S. were 60% of total group sales in 2001, up from 53% in 2000
primarily reflecting a change in sales mix due to weaker U.S. sales in 2001.

Other Engineered Products sales of $41.3 million increased by $4.4 million,
or 12%, in the second quarter of 2001 compared with 2000 principally reflecting
the Class 1 acquisition which added 19% to the second quarter sales. Overall
base business decreased by 6% and foreign currency translation had a negative
effect of 1% on this Group's sales volume. In the second quarter of 2001,
domestic sales increased by 26% and international sales decreased by 4%.
Excluding foreign currency and acquisitions, international base sales decreased
by 3% in 2001, while the base U.S. sales volume decreased 8% compared to last
year. Sales to customers outside the U.S. were 40% of total group sales in 2001,
down from 47% in 2000 principally reflecting the change in sales mix due to the
Class 1 acquisition.

10
12

IDEX CORPORATION AND SUBSIDIARIES
COMPANY AND BUSINESS GROUP FINANCIAL INFORMATION
(IN THOUSANDS)
(UNAUDITED)

<Table>
<Caption>
SECOND QUARTER ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
-------------------- --------------------
2001(1) 2000(2) 2001(1) 2000(2)
-------- -------- -------- --------

Pump Products Group
Net sales(3)................................ $110,433 $101,906 $220,175 $200,893
Operating income before restructuring(4).... 16,721 18,942 32,946 38,265
Operating margin............................ 15.1% 18.6% 15.0% 19.0%
Depreciation and amortization............... $ 6,146 $ 5,047 $ 12,319 $ 10,022
Capital expenditures........................ 2,656 1,867 5,283 3,833
Dispensing Equipment Group
Net sales(3)................................ $ 41,577 $ 47,172 $ 77,411 $ 87,092
Operating income before restructuring(4).... 6,626 10,715 11,274 17,932
Operating margin............................ 15.9% 22.7% 14.6% 20.6%
Depreciation and amortization............... $ 2,247 $ 2,244 $ 4,657 $ 4,382
Capital expenditures........................ 1,591 1,382 2,703 2,483
Other Engineered Products Group
Net sales(3)................................ $ 41,333 $ 36,978 $ 83,612 $ 75,381
Operating income before restructuring(4).... 6,627 6,549 12,674 13,988
Operating margin............................ 16.0% 17.7% 15.2% 18.6%
Depreciation and amortization............... $ 1,910 $ 1,737 $ 3,987 $ 3,505
Capital expenditures........................ 1,429 889 2,919 2,156
Company
Net sales(3)................................ $192,622 $185,258 $380,017 $361,920
Before restructuring: operating income...... 26,241 31,756 48,738 61,719
operating margin...... 13.6% 17.1% 12.8% 17.1%
After restructuring: operating income....... $ 26,241 $ 31,756 $ 43,077 $ 61,719
operating margin....... 13.6% 17.1% 11.3% 17.1%
Depreciation and amortization(5)............ $ 10,865 $ 9,429 $ 22,090 $ 18,394
Capital expenditures........................ 5,807 4,219 11,110 8,567
</Table>

- ---------------

(1) Includes acquisition of Versa-Matic Tool, Inc. (June 2001) and Liquid
Controls L.L.C. (January 2001) in the Pump Products Group and Class 1
(January 2001) in the Other Engineered Products Group from the dates of
acquisition.

(2) Includes the acquisition of Ismatec SA (April 2000) and Trebor
International, Inc. (May 2000) in the Pump Products Group from the dates of
acquisition.

(3) Group net sales include intersegment sales.

(4) Group operating income excludes net unallocated corporate operating expenses
and the restructuring charge in the six months ended June 30, 2001. The
restructuring charge of $5,661 was included with corporate and other and was
not assigned to the individual group segments. Had the Company allocated the
restructuring charge, the charge would have been assigned to the groups as
follows: Pump Products ($4,623), Dispensing Equipment ($592), and Other
Engineered Products ($446). Excluding the restructuring charge, IDEX's fully
diluted earnings per share would have been 77 cents a share for the six
months ended June 30, 2001.

(5) Excludes amortization of debt issuance expenses.

11
13

Gross profit of $70.7 million in the second quarter of 2001 decreased by
$2.2 million, or 3%, from 2000. Gross profit as a percent of sales was 36.7% in
2001 and decreased from 39.4% in 2000. The lower gross profit and gross margins
reflected reduced sales volume at the base businesses and inclusion of the
recent acquisitions whose margins are lower than those of the base businesses.
Selling, general and administrative expenses increased to $41.0 million in 2001
from $38.3 million in 2000, principally reflecting recent acquisitions. As a
percent of net sales, selling, general and administrative expenses were 21.3%,
up from 20.7% in 2000 with the increase principally reflecting up-front costs
associated with implementing the Company's Six Sigma and eBusiness initiatives.
Goodwill amortization increased by $0.6 million to $3.5 million in 2001 from
$2.9 million in 2000 reflecting the recent acquisitions. As a percent of sales,
goodwill amortization remained flat at about 2% for both years.

Operating income decreased 17% to $26.2 million in 2001 from $31.8 million
in 2000. Operating income as a percent of sales decreased to 13.6% in 2001 from
17.1% in 2000. The decrease in operating income resulted from lower operating
income at the Pump Products and Dispensing Equipment Groups partially offset by
higher operating income at the Other Engineered Products Group. The decrease in
operating margin resulted from decreases in margins at all three business
groups. The decrease in operating margins and the lower operating income in the
Pump Products and Dispensing Equipment Groups were attributable to reduced
volumes at base businesses, inclusion of recent acquisitions whose margins are
lower than those of the base businesses, and incremental up-front costs
associated with implementing the Company's Six Sigma and eBusiness initiatives.
The increase in operating income in the Other Engineered Products Group
principally reflected the recent Class 1 acquisition. In the Pump Products
Group, operating income of $16.7 million and operating margin of 15.1% in 2001
compared to the $18.9 million and 18.6% recorded in 2000. Operating income of
$6.6 million and operating margin of 15.9% in the Dispensing Equipment Group
decreased from the $10.7 million and 22.7% recorded in 2000. Operating income in
the Other Engineered Products Group of $6.6 million and operating margin of
16.0% in 2001 compared to the operating income of $6.5 million and margins of
17.7% achieved in 2000.

Other income of $0.2 million in the second quarter of 2001 was essentially
unchanged from income of $0.4 million recorded last year.

Interest expense increased to $5.2 million in the second quarter of 2001
from $4.1 million in 2000. The increase in interest was principally due to the
additional debt required for the acquisition of the Ismatec, Trebor, Liquid
Controls, Class 1 and Versa-Matic businesses.

The provision for income taxes decreased to $8.2 million in 2001 from $10.5
million in 2000 reflecting lower income. The effective tax rate increased to
38.8% in 2001 from 37.5% in 2000 principally reflecting lower income and the
effects of nondeductible goodwill and amortization expenses.

Net income of $13.0 million in 2001 was 26% lower than the record income of
$17.5 million earned in last year's second quarter. Diluted earnings per share
amounted to 42 cents in 2001, a decrease of 15 cents per share, or 26%, from
last year's record 57 cents.

PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2001 COMPARED TO THE SAME PERIOD OF
2000

IDEX achieved higher orders and sales and lower net income and earnings per
share for the first six months of 2001 compared with last year. New orders for
the first half of 2001 totaled $381.1 million and were 2% above the prior year.
Excluding the impact of foreign currency and the five acquisitions made since
the beginning of last year, orders were 10% lower than in the first six months
of 2000. Sales in the first six months increased 5% to $380.0 million from
$361.9 million. Acquisitions accounted for a 13% improvement, which was
partially offset by a 6% decline in base business sales and a 2% unfavorable
currency translation. Net income was $20.2 million, 39% lower than the $33.3
million earned in the first six months of 2000. Diluted earnings per share
decreased 44 cents to 65 cents, down 40% compared with the same period a year
ago. Excluding the one-time restructuring charge, net income was $23.7 million,
29% lower than the $33.3 million earned in last year's first six months, and
diluted earnings per share were 77 cents, also down 29% from $1.09 last year.

12
14

In the first half of 2001, the Pump Products Group contributed 58% of sales
and operating income, the Dispensing Equipment Group accounted for 20% of sales
and operating income, and the Engineered Products Group represented 22% of sales
and operating income. In the first six months of 2001, international sales were
up 9% and domestic sales increased by 2% compared with last year. As a result,
international sales were 42% of total sales, up from 40% in the same period of
2000.

Pump Products Group sales of $220.2 million increased by $19.3 million, or
10%, for the six months ended June 30, 2001 compared with 2000 principally
reflecting the Ismatec, Trebor, Liquid Controls and Versa-Matic acquisitions
which added 17% to the first half sales. Base business sales volume was down 6%
from last year and foreign currency had a 1% negative effect on the Group's
sales comparison to 2000. In the first six months of 2001, international sales
grew by 23% and domestic sales increased by 3% principally reflecting the recent
acquisitions. Excluding acquisitions and foreign currency, base international
sales were essentially equal to last year, while base U.S. sales volume
decreased 8% with the lower U.S. sales principally caused by weak conditions in
the U.S. manufacturing sector. As a result, sales to customers outside the U.S.
increased to 36% of total group sales in 2001 from 32% in 2000.

Dispensing Equipment Group sales of $77.4 million decreased $9.7 million,
or 11%, in the first half of 2001 compared with the same period of last year.
Base business volume was down 7% from 2000 and foreign currency translation had
a 4% negative effect. Excluding foreign currency, international sales were up 6%
in 2001 from last year, while domestic sales decreased by 23% due to continuing
weak conditions in U.S. end-markets. Sales to customers outside the U.S. were
59% of total group sales in 2001, up from 52% in 2000 primarily reflecting a
change in sales mix due to the weaker U.S. demand in 2001.

Other Engineered Products sales of $83.6 million increased by $8.2 million,
or 11%, in the first six months of 2001 compared with 2000 principally
reflecting the Class 1 acquisition which added 18% to sales in 2001. Overall
base business decreased by 5% and foreign currency translation had a negative
effect of 2% on this Group's sales volume. In the first six months of 2001,
domestic sales increased by 25% and international sales decreased by 5% with the
lower international sales principally resulting from foreign currency
translation. Excluding foreign currency and acquisitions, international base
sales decreased by 1% in 2001, while the base U.S. sales volume decreased 9%
compared to last year with the decline in U.S. sales due to the weak conditions
in U.S. markets. Sales to customers outside the U.S. were 40% of total group
sales in 2001, down from 47% in 2000 principally reflecting the change in sales
mix due to the Class 1 acquisition which primarily sells its products in the
U.S.

Gross profit of $139.5 million in the first six months of 2001 decreased by
$4.0 million, or 3%, from 2000. As a percent of sales, gross profit was 36.7% in
2001 and decreased from 39.6% in 2000. The lower gross profit and gross margins
reflected reduced sales volume at the base businesses and inclusion of the
recent acquisitions whose margins are lower than those of the base businesses.
Selling, general and administrative expenses increased to $83.8 million in 2001
from $75.9 million in 2000, principally reflecting recent acquisitions, and as a
percent of net sales, was 22.0%, up from 21.0% in 2000. Goodwill amortization
increased by $1.2 million to $7.0 million in 2001 from $5.8 million in 2000
reflecting the recent acquisitions. As a percent of sales, goodwill amortization
remained flat at about 2% for both years.

Operating income decreased by $18.6 million, or 30%, to $43.1 million in
2001 from $61.7 million in 2000. Excluding the restructuring charge, operating
income as a percent of sales decreased to 12.8% in 2001 from 17.1% in 2000. The
decrease in operating income and operating margin reflected decreases at all
three business groups and were attributable to reduced volumes at base
businesses, inclusion of recent acquisitions whose margins are lower than those
of the base businesses, and incremental up-front costs associated with
implementing the Company's Six Sigma and eBusiness initiatives. In the Pump
Products Group, operating income of $32.9 million and operating margin of 15.0%
in 2001 compared to the $38.3 million and 19.0% recorded in 2000. Operating
income of $11.3 million and operating margin of 14.6% in the Dispensing
Equipment Group decreased from the $17.9 million and 20.6% recorded in 2000.
Operating income in the Other Engineered Products Group of $12.7 million and
operating margin of 15.2% in 2001 decreased from $14.0 million and 18.6%
achieved in 2000. During the first quarter of 2001, IDEX recorded a one-time
restructuring charge amounting to $5.7 million, or 12 cents per share, to
properly size the Company's

13
15

operations to current business conditions. The restructuring, affecting all
three business groups, reduced the Company's current workforce by approximately
250 employees, representing 6% of the total workforce, and consolidates the Gast
Manufacturing's two production facilities in southwest Michigan.

Other income increased $0.5 million to income of $0.4 million in the first
six months of 2001 from expense of $0.1 million last year reflecting higher
income from fixed asset dispositions.

Interest expense increased to $10.6 million in the first half of 2001 from
$8.2 million in 2000. The increase in interest was principally due to the
additional debt required for the acquisition of the Ismatec, Trebor, Liquid
Controls, Class 1 and Versa-Matic businesses.

The provision for income taxes decreased to $12.7 million in 2001 from
$20.0 million in 2000 reflecting lower income. The effective tax rate increased
to 38.5% in 2001 from 37.5% in 2000 principally reflecting lower income and the
effects of nondeductible goodwill and amortization expenses.

Net income of $20.2 million in 2001 was 39% lower than income of $33.3
million in 2000. Diluted earnings per share amounted to 65 cents in 2001, a
decrease of 44 cents per share, or 40%, from the $1.09 achieved in 2000. Net
income before the restructuring charge was $23.7 million, 29% lower than the
$33.3 million earned in last year's first six months, and diluted earnings per
share were 77 cents, also down 29% from $1.09 last year.

LIQUIDITY AND CAPITAL RESOURCES

At June 30, 2001, IDEX's working capital was $149.4 million and its current
ratio was 2.5 to 1. The Company's cash flow from operations increased by $14.2
million to $50.5 million in 2001 principally reflecting receivable and inventory
reductions which were partially offset by lower income.

Cash flow provided from operations was more than adequate to fund capital
expenditures of $11.1 million and $8.6 million in 2001 and 2000, respectively.
Capital expenditures were generally for machinery and equipment which improved
productivity, although a portion was for repair and replacement of equipment and
facilities and information technology requirements. Management believes that
IDEX has ample capacity in its plant and equipment to meet expected needs for
future growth in the intermediate term.

The Company completed the acquisitions of Liquid Controls, Class 1 and
Versa-Matic for a cash purchase price of $132.6 million. The acquisitions were
accounted for using the purchase method and were financed under the Company's
U.S. bank credit facilities. Interest is payable at rates averaging 5.1%.

During June 2001, IDEX signed a new five-year Credit Agreement replacing
the former Credit Facility which was to expire on July 1, 2001. At June 30,
2001, the maximum amount available under the Credit Agreement was $270 million,
of which $173.4 million was borrowed including $72.4 million in western european
currencies. The maximum amount available under this facility was subsequently
increased to $300 million on August 8. The western european currency borrowings
provide an economic hedge against the net investment in Fluid Management's
Netherlands operation, FAST's Italian operation, Micropump's Ismatec Switzerland
operation, and Hale's Germany operation. Interest is payable quarterly on the
outstanding balance at the agent bank's reference rate or at LIBOR plus an
applicable margin and a utilization fee if the total borrowing's exceed certain
levels. At June 30, 2001, the applicable margin was 80 basis points plus a
utilization fee of 12.5 basis points since the borrowings outstanding exceeded
33% of the total available. The Company pays an annual facility fee of 20 basis
points on the total facility.

IDEX believes it will generate sufficient cash flow from operations in 2001
to meet its operating requirements, interest payments, approximately $25 million
of planned capital expenditures, and approximately $17 million of annual
dividend payments to holders of common stock. From commencement of operations in
January 1988 until June 30, 2001, IDEX has borrowed $806 million under its
various credit agreements to complete 19 acquisitions. During this same period
IDEX generated, principally from operations, cash flow of $644 million to reduce
its indebtedness. In the event that suitable businesses are available for
acquisition by IDEX upon terms acceptable to the Board of Directors, IDEX may
obtain all or a portion of the financing for the acquisitions through the
incurrence of additional long-term indebtedness.

14
16

EURO PREPARATIONS

Beginning in 1998, the Company upgraded its business systems to accommodate
the euro currency. The cost of this upgrade was immaterial to the Company's
financial results. Although difficult to predict, any competitive implications
and any impact on existing financial instruments resulting from the euro
implementation are also expected to be immaterial to the Company's results of
operations, financial position or liquidity.

NEW ACCOUNTING PRONOUNCEMENTS

15
17

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

The Company is subject to market risk associated with changes in interest
rates and foreign currency exchange rates. Interest rate exposure is limited to
the $331.8 million of total debt of the Company outstanding at June 30, 2001.
Approximately 53% of the debt is priced at interest rates that float with the
market. A 50 basis point movement in the interest rate on the floating rate debt
would result in an approximate $886,000 annualized increase or decrease in
interest expense and cash flows. The remaining debt is either fixed rate debt or
debt that has been essentially fixed through the use of interest rate swaps. The
Company will from time to time enter into interest rate swaps on its debt when
it believes there is a clear financial advantage for doing so. A formalized
treasury risk management policy adopted by the Board of Directors exists that
describes the procedures and controls over derivative financial and commodity
instruments, including interest rate swaps. Under the policy, the Company does
not use derivative financial or commodity instruments for trading purposes, and
the use of such instruments is subject to strict approval levels by senior
officers. Typically, the use of such derivative instruments is limited to
interest rate swaps on the Company's outstanding long-term debt. The Company's
exposure related to such derivative instruments is, in the aggregate, not
material to the Company's financial position, results of operations and cash
flows.

The Company's foreign currency exchange rate risk is limited principally to
the euro and British pound. The Company manages its foreign exchange risk
principally through the invoicing of its customers in the same currency as the
source of the products.

16
18

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS. None.

ITEM 2. CHANGES IN SECURITIES. Not Applicable.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES. None.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. None.

ITEM 5. OTHER INFORMATION. None.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.

(a) Exhibits:

The exhibits listed in the accompanying "Exhibit Index" are filed as
part of this report.

(b) Reports on Form 8-K:

In a report dated April 5, 2001, the Company announced that diluted
earnings per share before restructuring charges for the first quarter
are on track with earlier estimates of 32 to 37 cents announced on
March 1, 2001. In addition, the Company also announced its decision
to take aggressive actions to properly size its operations with
current business conditions. This restructuring -- which affects all
three business groups -- will result in a workforce reduction of
approximately 250 employees (or 6 percent of the total workforce) and
the consolidation of two Pump Products Group manufacturing plants
into a single more efficient operation.

The reduced demand in the U.S. manufacturing sector continues to
affect sales volumes and profitability in its base businesses. Last
year, IDEX introduced three key initiatives -- global sourcing,
eBusiness and Six Sigma -- that the Company's management believes
will help it improve margins starting in the third quarter of 2001,
continuing into 2002 and beyond. In addition, the Company's
management continues to drive top-line growth in new market niches
and to make acquisitions that meet its strict criteria. While all of
these efforts will improve IDEX's longer term performance, the
Company's management believes the current actions are necessary to
appropriately size its businesses, lower costs and improve
efficiencies. For example, the decision to consolidate two of Gast
Manufacturing's southwest Michigan production facilities addresses
excess capacity issues that have resulted from the combination of
lower current demand and improving process efficiencies that have
been realized at this business. The Company expects the annualized
savings from these actions will exceed the charge taken in the second
quarter of 2001.

17
19

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned, thereunto duly authorized in the capacity and on the date
indicated.
IDEX CORPORATION

/s/ WAYNE P. SAYATOVIC
--------------------------------------
WAYNE P. SAYATOVIC
Senior Vice President -- Finance and
Chief Financial Officer
(Duly Authorized and Principal
Financial Officer)
August 9, 2001

18
20

EXHIBIT INDEX

<Table>
<Caption>
EXHIBIT
NUMBER DESCRIPTION
------- -----------

3.1 Restated Certificate of Incorporation of IDEX Corporation
(formerly HI, Inc.) (incorporated by reference to Exhibit
No. 3.1 to the Registration Statement on Form S-1 of IDEX,
et al., Registration No. 33-21205, as filed on April 21,
1988)
3.1(a) Amendment to Restated Certificate of Incorporation of IDEX
Corporation (formerly HI, Inc.), (incorporated by reference
to Exhibit No. 3.1(a) to the Quarterly Report of IDEX on
Form 10-Q for the quarter ended March 31, 1996, Commission
File No. 1-10235)
3.2 Amended and Restated By-Laws of IDEX Corporation
(incorporated by reference to Exhibit No. 3.2 to
Post-Effective Amendment No. 2 to the Registration Statement
on Form S-1 of IDEX, et al., Registration No. 33-21205, as
filed on July 17, 1989)
3.2(a) Amended and Restated Article III, Section 13 of the Amended
and Restated By-Laws of IDEX Corporation (incorporated by
reference to Exhibit No. 3.2(a) to Post-Effective Amendment
No. 3 to the Registration Statement on Form S-1 of IDEX, et
al., Registration No. 33-21205, as filed on February 12,
1990)
4.1 Restated Certificate of Incorporation and By-Laws of IDEX
Corporation (filed as Exhibits No. 3.1 through 3.2(a))
4.2 Indenture, dated as of February 23, 1998, between IDEX
Corporation, and Norwest Bank Minnesota, National
Association, as Trustee, relating to the 6 7/8% Senior Notes
of IDEX Corporation due February 15, 2008 (incorporated by
reference to Exhibit No. 4.1 to the Current Report of IDEX
on Form 8-K dated February 23, 1998, Commission File No.
1-10235)
4.3 Specimen Senior Note of IDEX Corporation (incorporated by
reference to Exhibit No. 4.1 to the Current Report of IDEX
on Form 8-K dated February 23, 1998, Commission File No.
1-10235)
4.4 Specimen Certificate of Common Stock of IDEX Corporation
(incorporated by reference to Exhibit No. 4.3 to the
Registration Statement on Form S-2 of IDEX, et al.,
Registration No. 33-42208, as filed on September 16, 1991)
4.5* Credit Agreement, dated as of June 8, 2001, among IDEX
Corporation, Bank of America, N.A. as Agent and Issuing
Bank, and the Other Financial Institutions Party Hereto:
Bank of America Securities LLC.
**10.1 Executive Incentive Bonus Plan dated March 27, 2001
**10.2 2001 Stock Plan for Officers dated March 27, 2001
</Table>

- ---------------
* Filed herewith
** Management contract or compensatory plan or agreement.