630 Dundee Rd., Suite 400, Northbrook 60065, 708-498-7070
– Founded: 1988
– Fiscal year-end: Dec. 31
– Chief executive
Donald N. Boyce, 53, since 1988
1991 cash compensation: $648,600
Shares owned: 355,094 of 12.5 million common shares
– Employees: 2,000; 20 in Illinois
– Foreign sales: 27.5 percent of $228.2 million total in 1991
– May 1, 1992, value of $1,000 in company stock:
Purchased May 1, 1991: $1,237
Purchased May 1, 1987: Not applicable
– Idex was formed in a Kohlberg Kravis Roberts & Co. leveraged buyout to acquire six of Houdaille Industries Inc.`s operating subsidiaries. CEO Donald N. Boyce had been CEO of Houdaille, which was taken private in 1979 in one of Kohlberg`s earliest LBOs. It makes highly engineered industrial products ranging from pumps, gears and clamps to automatic lubrication systems and vibration control equipment.
– This LBO veteran has cut debt by $103 million, or 62 percent, since the buyout. Because of a Securities and Exchange Commission ruling at the time of the 1988 buyout, Idex began life with a negative net worth of $95.5 million. As of March 31, profits and a September 1991 stock offering had created a positive $41 million net worth.
– Idex products are market leaders. It is a low-cost producer and has a growing international business. Analysts expect Idex earnings` growth to be in the single digits in 1992, but to accelerate in 1993 and 1994 as the economy recovers.
