================================================================================

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

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

                                    FORM 10-Q

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

                  FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2005

                                       OR

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

                         COMMISSION FILE NUMBER 1-10235

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

            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)

                  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 [ ]

      Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act).

                                 Yes [x] No [ ]

      Number of shares of common stock of IDEX Corporation outstanding as of
July 31, 2005: 51,640,955 (net of treasury shares).

================================================================================



                          PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

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



                                                                      JUNE 30,     DECEMBER 31,
                                                                        2005           2004
                                                                    ------------   ------------
                                                                             
ASSETS
Current assets
    Cash and cash equivalents.....................................  $      8,787   $      7,274
    Receivables - net.............................................       144,096        119,567
    Inventories...................................................       126,670        126,978
    Other current assets..........................................        11,408          7,419
                                                                    ------------   ------------
      Total current assets........................................       290,961        261,238
Property, plant and equipment - net...............................       148,318        155,602
Goodwill - net....................................................       695,129        713,619
Intangible assets - net...........................................        28,949         29,545
Other noncurrent assets...........................................        28,665         26,288
                                                                    ------------   ------------
      Total assets................................................  $  1,192,022   $  1,186,292
                                                                    ============   ============

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
    Trade accounts payable........................................  $     80,915   $     71,405
    Dividends payable.............................................         6,150          6,105
    Accrued expenses..............................................        69,381         70,745
                                                                    ------------   ------------
      Total current liabilities...................................       156,446        148,255
Long-term debt....................................................       190,066        225,317
Other noncurrent liabilities......................................       100,130         99,115
                                                                    ------------   ------------
      Total liabilities...........................................       446,642        472,687
                                                                    ------------   ------------

Shareholders' equity
    Common stock, par value $.01 per share
    Shares issued: 2005 - 51,328,849; 2004 - 50,996,444...........           513            510
    Additional paid-in capital....................................       250,735        234,354
    Retained earnings.............................................       479,452        439,137
    Minimum pension liability adjustment..........................        (4,644)        (4,644)
    Accumulated translation adjustment............................        30,923         53,046
    Treasury stock, at cost: 2005 - 51,783; 2004 - 175,650........        (1,873)        (4,209)
    Unearned compensation on restricted stock.....................        (9,726)        (4,589)
                                                                    ------------   ------------
      Total shareholders' equity..................................       745,380        713,605
                                                                    ------------   ------------
      Total liabilities and shareholders' equity..................  $  1,192,022   $  1,186,292
                                                                    ============   ============


            See Notes to Condensed Consolidated Financial Statements.

                                       -1-


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



                                                                SECOND QUARTER         SIX MONTHS
                                                                ENDED JUNE 30,        ENDED JUNE 30,
                                                         -----------------------  ----------------------
                                                            2005        2004         2005         2004
                                                         ----------  -----------  ----------  ----------
                                                                                  
Net sales..............................................  $  271,758  $   233,590  $  523,816  $  448,190
Cost of sales..........................................     160,109      139,667     310,210     268,537
                                                         ----------  -----------  ----------  ----------
Gross profit...........................................     111,649       93,923     213,606     179,653
Selling, general and administrative expenses...........      63,517       54,109     124,779     108,553
                                                         ----------  -----------  ----------  ----------
Operating income.......................................      48,132       39,814      88,827      71,100
Other income (expense) - net...........................         245         (235)        375        (224)
                                                         ----------  -----------  ----------  ----------
Income before interest expense and income taxes........      48,377       39,579      89,202      70,876
Interest expense.......................................       3,806        3,619       7,685       7,055
                                                         ----------  -----------  ----------  ----------
Income before income taxes.............................      44,571       35,960      81,517      63,821
Provision for income taxes.............................      15,638       13,126      28,939      23,295
                                                         ----------  -----------  ----------  ----------
Net income.............................................  $   28,933  $    22,834  $   52,578  $   40,526
                                                         ==========  ===========  ==========  ==========

Basic earnings per common share........................  $      .57  $       .46  $     1.03  $      .81
                                                         ==========  ===========  ==========  ==========

Diluted earnings per common share......................  $      .55  $       .44  $     1.00  $      .79
                                                         ==========  ===========  ==========  ==========

Share data:
Basic weighted average common shares outstanding.......      50,963       50,060      50,821      49,768
Diluted weighted average common shares outstanding.....      52,641       52,037      52,484      51,578


            See Notes to Condensed Consolidated Financial Statements.

                                       -2-


                        IDEX CORPORATION AND SUBSIDIARIES
                   CONDENSED CONSOLIDATED SHAREHOLDERS' EQUITY
                (IN THOUSANDS EXCEPT SHARE AND PER SHARE AMOUNTS)
                                   (UNAUDITED)



                                        COMMON                                                      UNEARNED
                                        STOCK &               MINIMUM                             COMPENSATION
                                       ADDITIONAL             PENSION    ACCUMULATED                   ON          TOTAL
                                        PAID-IN   RETAINED   LIABILITY   TRANSLATION   TREASURY    RESTRICTED   SHAREHOLDERS'
                                        CAPITAL   EARNINGS   ADJUSTMENT   ADJUSTMENT    STOCK        STOCK         EQUITY
                                       ---------- ---------  ----------  -----------  ----------  ------------  -------------
                                                                                           
Balance, December 31, 2004............ $  234,864 $ 439,137  $   (4,644) $    53,046  $   (4,209) $     (4,589) $     713,605
Net income............................               52,578                                                            52,578
Other comprehensive income
 Unrealized translation adjustment....                                       (22,123)                                 (22,123)
                                                                         -----------                            -------------
      Other comprehensive income......                                       (22,123)                                 (22,123)
                                                  ---------              -----------                            -------------
      Comprehensive income............               52,578                  (22,123)                                  30,455
                                                  ---------              -----------                            -------------
Issuance of 497,630 shares of
 common stock from exercise of
 stock options and deferred
 compensation plans...................     13,597                                                                      13,597
Issuance of restricted stock..........      2,787                                          3,882        (6,669)             -
Amortization of restricted stock......                                                                   1,532          1,532
Restricted shares surrendered for
 tax withholdings.....................                                                    (1,546)                      (1,546)
Cash dividends declared - $.24 per
 common share outstanding.............              (12,263)                                                          (12,263)
                                       ---------- ---------  ----------  -----------  ----------  ------------  -------------
Balance, June 30, 2005................ $  251,248 $ 479,452  $   (4,644) $    30,923  $   (1,873) $     (9,726) $     745,380
                                       ========== =========  ==========  ===========  ==========  ============  =============


            See Notes to Condensed Consolidated Financial Statements.

                                       -3-


                       IDEX CORPORATION AND SUBSIDIARIES
                       CONDENSED CONSOLIDATED CASH FLOWS
                                 (IN THOUSANDS)
                                  (UNAUDITED)



                                                                        SIX MONTHS
                                                                       ENDED JUNE 30,
                                                                    --------------------
                                                                      2005        2004
                                                                    ---------  ---------
                                                                         
Cash flows from operating activities
Net income........................................................  $  52,578  $  40,526
Adjustments to reconcile to net cash from operating activities:
   Depreciation and amortization..................................     13,764     14,068
   Amortization of intangibles....................................        365        291
   Amortization of unearned compensation..........................      1,532      1,026
   Amortization of debt issuance expenses.........................        288        290
   Deferred income taxes..........................................      5,220      2,957
   Changes in:
      Receivables - net...........................................    (28,997)   (17,193)
      Inventories.................................................     (3,519)    (4,941)
      Trade accounts payable......................................     11,091     15,984
      Accrued expenses............................................         50      1,922
   Other - net....................................................        827     (2,765)
                                                                    ---------  ---------
    Net cash flows from operating activities......................     53,199     52,165

Cash flows from investing activities
   Additions to property, plant and equipment.....................    (11,867)    (9,759)
   Acquisition of businesses, net of cash acquired................       (425)  (161,470)
   Other - net....................................................         29        392
                                                                    ---------  ---------
    Net cash flows from investing activities......................    (12,263)  (170,837)

Cash flows from financing activities
   Borrowings under credit facilities for acquisitions............        425    161,470
   Net repayments under credit facilities.........................    (34,054)   (51,736)
   Repayments of other long-term debt.............................       (647)      (409)
   Dividends paid.................................................    (12,218)    (9,297)
   Proceeds from stock option exercises...........................      8,672     17,284
   Other - net....................................................     (1,601)    (1,203)
                                                                    ---------  ---------
    Net cash flows from financing activities......................    (39,423)   116,109
                                                                    ---------  ---------

Net increase (decrease) in cash...................................      1,513     (2,563)
Cash and cash equivalents at beginning of year....................      7,274      8,552
                                                                    ---------  ---------
Cash and cash equivalents at end of period........................  $   8,787  $   5,989
                                                                    =========  =========

SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for:
Interest..........................................................  $   7,452  $   6,662
Income taxes......................................................     17,169     16,380


           See Notes to Condensed Consolidated Financial Statements.

                                      -4-


                       IDEX CORPORATION AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                    (IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
                                  (UNAUDITED)

1.    BASIS OF PRESENTATION

      The financial statements of IDEX Corporation have been prepared in
accordance with the instructions to Form 10-Q under the Securities Exchange Act
of 1934, as amended (the "Exchange Act"). The statements are unaudited but
include all adjustments, consisting only of recurring items, except as noted,
which the Company considers necessary for a fair presentation of the information
set forth herein. The results of operations for the three months ended June 30,
2005 are not necessarily indicative of the results to be expected for the entire
year.

The financial statements and Management's Discussion and Analysis of Financial
Condition and Results of Operations should be read in conjunction with the
Company's Annual Report on Form 10-K for the fiscal year ended December 31,
2004.

2.    BUSINESS SEGMENTS

      Information on IDEX's business segments is presented below, based on the
nature of products and services offered. IDEX evaluates performance based on
several factors, of which operating income is the primary financial measure.
Intersegment sales are accounted for at fair value as if the sales were to third
parties.



                                                       SECOND QUARTER          SIX MONTHS ENDED
                                                        ENDED JUNE 30,           ENDED JUNE 30,
                                                   -----------------------   ---------------------
                                                      2005         2004        2005        2004
                                                   -----------   ---------   ---------   ---------
                                                                             
Net sales
  Pump Products:
   External customers...........................   $   157,444   $ 133,253   $ 302,605   $ 253,791
   Intersegment sales...........................           856         718       1,993       1,390
                                                   -----------   ---------   ---------   ---------
     Total group sales..........................       158,300     133,971     304,598     255,181
                                                   -----------   ---------   ---------   ---------
  Dispensing Equipment:
   External customers...........................        53,117      45,898     104,444      87,517
   Intersegment sales...........................             -           1           -           1
                                                   -----------   ---------   ---------   ---------
     Total group sales..........................        53,117      45,899     104,444      87,518
                                                   -----------   ---------   ---------   ---------
  Other Engineered Products:
   External customers...........................        61,197      54,439     116,767     106,882
   Intersegment sales...........................             2           1           4           2
                                                   -----------   ---------   ---------   ---------
     Total group sales..........................        61,199      54,440     116,771     106,884
                                                   -----------   ---------   ---------   ---------
  Intersegment elimination......................          (858)       (720)     (1,997)     (1,393)
                                                   -----------   ---------   ---------   ---------
     Total net sales............................   $   271,758   $ 233,590   $ 523,816   $ 448,190
                                                   ===========   =========   =========   =========

Operating income
  Pump Products.................................   $    28,413   $  23,150   $  52,744   $  41,950
  Dispensing Equipment..........................        13,230      11,346      24,808      19,242
  Other Engineered Products.....................        13,988      10,882      25,549      21,551
  Corporate office and other....................        (7,499)     (5,564)    (14,274)    (11,643)
                                                   -----------   ---------   ---------   ---------
      Total operating income....................   $    48,132   $  39,814   $  88,827   $  71,100
                                                   ===========   =========   =========   =========


                                      -5-


                       IDEX CORPORATION AND SUBSIDIARIES
       NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
                    (IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
                                  (UNAUDITED)

3.    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 outstanding (diluted) during the period. Common stock equivalents
consist of stock options, which have been included in the calculation of
weighted average shares outstanding using the treasury stock method, unvested
restricted shares, and shares issuable in connection with certain deferred
compensation agreements (DCUs). Basic weighted average shares reconciles to
diluted weighted average shares as follows:



                                                        SECOND QUARTER     SIX MONTHS
                                                        ENDED JUNE 30,    ENDED JUNE 30,
                                                        --------------    ---------------
                                                         2005     2004     2005     2004
                                                        ------   ------   ------   ------
                                                                       
Basic weighted average common shares outstanding......  50,963   50,060   50,821   49,768
Dilutive effect of stock options, unvested restricted
shares, and DCUs......................................   1,678    1,977    1,663    1,810
                                                        ------   ------   ------   ------
Diluted weighted average common shares outstanding....  52,641   52,037   52,484   51,578
                                                        ======   ======   ======   ======


4.    INVENTORIES

      The components of inventories as of June 30, 2005 and December 31, 2004
were:



                                JUNE 30,  DECEMBER 31,
                                  2005       2004
                                --------  ------------
                                     
Raw materials.................  $ 51,039   $ 52,824
Work-in-process...............    14,184     14,181
Finished goods................    61,447     59,973
                                --------   --------
   Total......................  $126,670   $126,978
                                ========   ========


      Inventories carried on a LIFO basis amounted to $99,350 and $104,957 at
June 30, 2005 and December 31, 2004, respectively. The impact on earnings of
using the LIFO method was not material.

5.    GOODWILL AND INTANGIBLE ASSETS

      The changes in the carrying amount of goodwill for the six months ended
June 30, 2005, by business group, were as follows:



                                                                  OTHER
                                          PUMP      DISPENSING  ENGINEERED
                                        PRODUCTS    EQUIPMENT    PRODUCTS     TOTAL
                                       ---------   -----------  ---------   ---------
                                                                
Balance at December 31, 2004.........  $ 443,101   $ 131,041    $ 139,477   $ 713,619
Foreign currency translation.........     (1,620)     (8,537)      (6,130)    (16,287)
Acquisition adjustments..............     (2,203)          -            -      (2,203)
                                       ---------   ---------    ---------   ---------
Balance at June 30, 2005.............  $ 439,278   $ 122,504    $ 133,347   $ 695,129
                                       =========   =========    =========   =========


                                      -6-


                       IDEX CORPORATION AND SUBSIDIARIES
       NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
                    (IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
                                  (UNAUDITED)

      The carrying value of identifiable intangible assets at June 30, 2005 was
$28,949, which was split between amortizable and unamortizable assets as
follows:



                                                      GROSS
                                                    CARRYING  ACCUMULATED    NET CARRYING
                                                     AMOUNT   AMORTIZATION      AMOUNT
                                                    --------  ------------   ------------
                                                                    
Amortized intangible assets:
   Patents........................................  $ 9,839     $ 4,765        $ 5,074
   Other..........................................      712         167            545
                                                    -------     -------        -------
   Total amortized intangible assets..............   10,551       4,932          5,619
Unamortized trademark assets......................   25,704       2,374         23,330
                                                    -------     -------        -------
        Total intangible assets at June 30, 2005..  $36,255     $ 7,306        $28,949
                                                    =======     =======        =======


6.    PREFERRED STOCK

      The Company had five million shares of preferred stock authorized but
unissued at June 30, 2005 and December 31, 2004.

7.    STOCK-BASED COMPENSATION

      The Company uses the intrinsic-value method of accounting for stock option
awards as prescribed by Accounting Principles Board Opinion No. 25 and,
accordingly, does not recognize compensation expense for its stock option awards
in the Condensed Consolidated Statements of Operations. The following table
reflects pro forma net income and net income per common share had the Company
elected to adopt the fair value approach of Statement of Financial Accounting
Standards No. 123R, "Accounting for Stock-Based Compensation."



                                           SECOND QUARTER         SIX MONTHS
                                           ENDED JUNE 30,        ENDED JUNE 30,
                                        -------------------   -------------------
                                          2005       2004       2005       2004
                                        --------   --------   --------   --------
                                                             
Net income
    As reported.......................  $ 28,933   $ 22,834   $ 52,578   $ 40,526
    Stock-based compensation..........     1,579      1,361      3,510      2,583
                                        --------   --------   --------   --------
    Pro forma.........................  $ 27,354   $ 21,473   $ 49,068   $ 37,943
                                        ========   ========   ========   ========

Basic EPS
    As reported.......................  $    .57   $    .46   $   1.03   $    .81
    Stock-based compensation..........       .03        .03        .06        .05
                                        --------   --------   --------   --------
    Pro forma.........................  $    .54   $    .43   $    .97   $    .76
                                        ========   ========   ========   ========

Diluted EPS
    As reported.......................  $    .55   $    .44   $   1.00   $    .79
    Stock-based compensation..........       .03        .03        .06        .05
                                        --------   --------   --------   --------
    Pro forma.........................  $    .52   $    .41   $    .94   $    .74
                                        ========   ========   ========   ========


                                      -7-


                       IDEX CORPORATION AND SUBSIDIARIES
       NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
                    (IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
                                  (UNAUDITED)

8.    RETIREMENT BENEFITS

      The Company sponsors several qualified and nonqualified defined benefit
and defined contribution pension plans and other postretirement plans for its
employees. The following tables provide the components of net periodic benefit
cost for its major defined benefit plans and its other postretirement plans.



                                                       PENSION BENEFITS
                                            -------------------------------------
                                              SECOND QUARTER       SIX MONTHS
                                              ENDED JUNE 30,      ENDED JUNE 30,
                                            -----------------   -----------------
                                              2005     2004      2005      2004
                                            -------   -------   -------   -------
                                                              
Service cost............................    $ 1,086   $   871   $ 2,451   $ 1,968
Interest cost...........................      1,240       984     2,772     2,236
Expected return on plan assets..........     (1,229)     (973)   (3,015)   (2,099)
Net amortization........................        629       624     1,447     1,384
                                            -------   -------   -------   -------
   Net periodic benefit cost............    $ 1,726   $ 1,506   $ 3,655   $ 3,489
                                            =======   =======   =======   =======




                                                       OTHER BENEFITS
                                            -------------------------------------
                                              SECOND QUARTER       SIX MONTHS
                                              ENDED JUNE 30,      ENDED JUNE 30,
                                            -----------------   -----------------
                                              2005     2004      2005      2004
                                            -------   -------   -------   -------
                                                              
Service cost............................    $   121   $    97   $   241   $   197
Interest cost...........................        318       268       634       547
Net amortization........................         19        29        39        58
                                            -------   -------   -------   -------
   Net periodic benefit cost............    $   458   $   394   $   914   $   802
                                            =======   =======   =======   =======


      The Company previously disclosed in its financial statements for the year
ended December 31, 2004, that it expected to contribute approximately $1.6
million to these pension plans and $1.0 million to its other postretirement
benefit plans in 2005. As of June 30, 2005, $1.7 million of contributions have
been made to the pension plans and $.4 million has been made to its other
postretirement benefit plans. The company presently anticipates contributing up
to an additional $2.5 million and $.4 million to fund the pension plans and
other postretirement benefit plans, respectively, in 2005 for a total of $4.2
million and $.8 million, respectively.

9.  LEGAL PROCEEDINGS

      IDEX is a party to various legal proceedings arising in the ordinary
course of business, none of which is expected to have a material adverse effect
on its business, financial condition, results of operations or cash flows.

                                      -8-


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

HISTORICAL OVERVIEW AND OUTLOOK

      IDEX Corporation sells a broad range of pump products, dispensing
equipment and other engineered products to a diverse customer base in the United
States and other countries around the world. Accordingly, our businesses are
affected by levels of industrial activity and economic conditions in the U.S.
and in other countries where we do business and by the relationship of the U.S.
dollar to other currencies. Levels of capacity utilization and capital spending
in certain industries and overall industrial activity are among the factors that
influence the demand for our products.

      IDEX consists of three reportable segments: Pump Products, Dispensing
Equipment and Other Engineered Products.

      The Pump Products Group produces a wide variety of pumps, compressors,
flow meters, injectors and valves, and related controls for the movement of
liquids, air and gases. The Dispensing Equipment Group produces highly
engineered equipment for dispensing, metering and mixing colorants, paints, inks
and dyes, hair colorants and other personal care products; refinishing
equipment; and centralized lubrication systems. The Other Engineered Products
Group produces firefighting pumps, rescue tools, lifting bags and other
components and systems for the fire and rescue industry; and engineered
stainless steel banding and clamping devices used in a variety of industrial and
commercial applications.

      IDEX has a history of achieving above-average operating margins. Our
operating margins have exceeded the average operating margin for the companies
that comprise the Value Line Composite Index (VLCI) every year since 1988. We
view the VLCI operating performance statistics as a proxy for an average
industrial company. Our operating margins are influenced by, among other things,
utilization of facilities as sales volumes change and inclusion of newly
acquired businesses.

      Some of our key first-half 2005 financial highlights were as follows:

- -     Orders were $538.6 million, 15% higher than a year ago; base business
      orders - excluding acquisitions and foreign currency translation - were up
      9%.

- -     Sales of $523.8 million rose 17%; base business sales - excluding
      acquisitions and foreign currency translation - were up 11%.

- -     Gross margins improved 70 basis points to 40.8% of sales, while operating
      margins at 17.0% were 110 basis points higher than a year ago.

- -     Net income increased 30% to $52.6 million.

- -     Diluted EPS of $1.00 was 21 cents ahead of the same period of 2004.

      We are pleased with our results for the first half of 2005. Our business
units continue to deliver profitable sales growth as a result of new product and
technology initiatives and our on-going commitment to operational excellence.
During the first half of the year, we delivered record orders, sales and net
income, as well as our 14th consecutive quarter of year-over-year gross margin
improvement. The second quarter also marked our 12th consecutive quarter of
year-over-year earnings growth and our 11th consecutive quarter of
year-over-year base sales growth. This is now the third straight quarter that we
have generated double-digit base sales improvement. During the quarter, all
three business segments experienced double-digit organic sales growth. As we
move forward, we remain focused on the voice of our customer, while using the
powerful combination of continuous process improvement and new product
innovation to drive our future performance.

      The following forward-looking statements are qualified by the cautionary
statement under the Private Securities Litigation Reform Act set forth below.

      As a short-cycle business, our performance is reliant upon the current
pace of incoming orders, and we have limited visibility on future business
conditions. As we move forward in 2005, we believe IDEX is well positioned for
earnings expansion. This is based on our lower cost structure resulting from our
operational excellence discipline, our investment in new products, applications
and global markets, and our pursuit of strategic acquisitions to help drive
IDEX's longer term profitable growth.

                                      -9-


CAUTIONARY STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT

      The "Historical Overview and Outlook" and the "Liquidity and Capital
Resources" sections of this management's discussion and analysis of our
financial condition and operations contain 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," "we believe," "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 filing. 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
our order rates and results, particularly in light of the low levels of order
backlogs we typically maintain; our 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 we operate; 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 report, and we undertake 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.

RESULTS OF OPERATIONS

      For purposes of this discussion and analysis section, reference is made to
the table on the following page and the Company's Condensed Consolidated
Statements of Operations included in Item 1.

PERFORMANCE IN THE THREE MONTHS ENDED JUNE 30, 2005 COMPARED WITH THE SAME
PERIOD OF 2004

      For the three months ended June 30, 2005, orders, sales and profits were
higher than the comparable second quarter of last year. New orders totaled
$272.0 million, 18% higher than the same period last year. Excluding the impact
of foreign currency translation and the three acquisitions made since the
beginning of 2004 (Systec - April 2004; Scivex - May 2004 and Dinglee - July
2004), orders were 13% higher than the same period one year ago.

      Sales in the second quarter were $271.8 million, a 16% improvement from
last year's second quarter as base business shipments grew 11%, foreign currency
translation provided a 2% improvement and acquisitions accounted for a 3%
increase. Base business sales grew 16% domestically and 6% internationally
during the recent quarter. Sales to international customers from base businesses
represented approximately 44% of total sales in the second quarter of 2005,
compared with 46% in the year-ago quarter.

      For the quarter, the Pump Products Group contributed 58% of sales and 51%
of operating income, the Dispensing Equipment Group accounted for 20% of sales
and 24% of operating income, and the Other Engineered Products Group represented
22% of sales and 25% of operating income.

      Pump Products Group sales of $158.3 million for the three months ended
June 30, 2005 rose $24.3 million, or 18% compared with 2004, reflecting 12% base
business growth, a 1% favorable impact from foreign currency translation, and a
5% increase due to the acquisitions of Systec and Scivex. In the second quarter
of 2005, base business sales grew 14% domestically and 6% internationally. Base
business sales to customers outside the U.S. were approximately 37% of total
group sales in 2005 compared with 39% in 2004.

      Dispensing Equipment Group sales of $53.1 million increased $7.2 million,
or 16%, in the second quarter of 2005 compared with last year's second quarter.
This increase was attributed to favorable foreign currency translation of 4% and
a 12% increase in base business volume. In the second quarter of 2005, base
business sales increased 26% domestically and 6% internationally. Base business
sales to customers outside the U.S. were approximately 63% of total group sales
in the 2005 quarter, compared with 67% in 2004.

                                      -10-


      Other Engineered Products Group sales of $61.2 million increased $6.8
million, or 12%, in the second quarter of 2005 compared with 2004. This increase
reflects a 10% increase in base business volume, a 1% favorable impact from
foreign currency translation and a 1% increase due to the acquisition of
Dinglee. In the second quarter of 2005, base business sales increased 12%
domestically and 8% internationally. Base business sales to customers outside
the U.S. were approximately 45% of total group sales in the 2005 quarter,
compared with 46% in 2004.



                                            SECOND QUARTER         SIX MONTHS
                                           ENDED JUNE 30,(1)     ENDED JUNE 30,(1)
                                          -------------------   -------------------
                                            2005       2004       2005       2004
                                          --------   --------   --------   --------
                                                               
Pump Products Group
     Net sales..........................  $158,300   $133,971   $304,598   $255,181
     Operating income (2)...............    28,413     23,150     52,744     41,950
     Operating margin...................      17.9%      17.3%      17.3%      16.4%
     Depreciation and amortization......  $  4,054   $  4,318   $  8,180   $  8,177
     Capital expenditures...............     4,107      2,868      7,691      6,601
Dispensing Equipment Group
     Net sales..........................  $ 53,117   $ 45,899   $104,444   $ 87,518
     Operating income (2)...............    13,230     11,346     24,808     19,242
     Operating margin...................      24.9%      24.7%      23.8%      22.0%
     Depreciation and amortization......  $  1,298   $  1,404   $  2,596   $  2,834
     Capital expenditures...............       903        765      1,854      1,416
Other Engineered Products Group
     Net sales..........................  $ 61,199   $ 54,440   $116,771   $106,884
     Operating income (2)...............    13,988     10,882     25,549     21,551
     Operating margin...................      22.9%      20.0%      21.9%      20.2%
     Depreciation and amortization......  $  1,487   $  1,671   $  3,051   $  3,103
     Capital expenditures...............       995        678      1,786      1,522
Company
     Net sales..........................  $271,758   $233,590   $523,816   $448,190
     Operating income...................    48,132     39,814     88,827     71,100
     Operating margin...................      17.7%      17.0%      17.0%      15.9%
     Depreciation and amortization(3)...  $  7,784   $  7,757   $ 15,661   $ 15,385
     Capital expenditures...............     6,160      4,411     11,867      9,759


(1)   Includes acquisitions of Systec (April 2004) and Scivex (May 2004) in the
      Pump Products Group and Dinglee (July 2004) in the Other Engineered
      Products Group from the dates of acquisition.

(2)   Group operating income excludes unallocated corporate operating expenses.

(3)   Excludes amortization of debt issuance expenses.

                                      -11-


      Gross profit of $111.6 million in the second quarter of 2005 increased
$17.7 million, or 19%, from 2004. Gross profit as a percent of sales was 41.1%
in 2005 and increased from 40.2% in 2004. The improved gross margins primarily
reflected volume leverage and savings realized from the Company's global
sourcing, Six Sigma and Lean Manufacturing initiatives.

      Selling, general and administrative (SG&A) expenses increased to $63.5
million in 2005 from $54.1 million in 2004 primarily due to acquisitions,
expenses related to higher volume and reinvestment in the business to drive
organic growth. As a percent of sales, SG&A expenses were 23.4%, up slightly
from 23.2% in 2004.

      Operating income increased $8.3 million, or 21%, to $48.1 million in the
second quarter of 2005 from $39.8 million in 2004, primarily reflecting the
higher gross margins partially offset by the increased SG&A expenses. Second
quarter operating margins were 17.7% of sales, 70 basis points higher than the
second quarter of 2004. The improvement from last year resulted from a 90 basis
point increase in gross margins, partially offset by a 20 basis point increase
in SG&A as a percent of sales. In the Pump Products Group, operating income of
$28.4 million and operating margins of 17.9% in the second quarter of 2005 were
up from the $23.2 million and 17.3% recorded in 2004 principally due to volume
leverage and the impact of our operational excellence initiatives. Operating
income for the Dispensing Equipment Group of $13.2 million and operating margins
of 24.9% in the second quarter of 2005 were up from the $11.3 million and 24.7%
in 2004 primarily due to the Company's operational excellence initiatives, as
well as volume improvement. Operating income in the Other Engineered Products
Group of $14.0 million and operating margins of 22.9% in the second quarter of
2005 increased from $10.9 million and 20.0% achieved in 2004 and primarily
reflected increased sales volume and the impact of operational excellence
initiatives.

      Other income in the second quarter of 2005 of $.2 million was favorable
compared with $.2 million of expense in 2004 mainly due to foreign currency
translation.

      Interest expense increased to $3.8 million in the current quarter from
$3.6 million in the second quarter of 2004. The increase was principally due to
a higher interest rate environment partially offset by lower debt levels.

      IDEX's provision for income taxes is based upon estimated annual tax rates
for the year applied to federal, state and foreign income. The provision for
income taxes increased to $15.6 million in the second quarter of 2005 from $13.1
million in 2004. The effective tax rate decreased to 35.1% in the second quarter
of 2005 from 36.5% in 2004 due to a favorable impact from research and
development credits.

      Net income for the current quarter was $28.9 million, 27% higher than the
$22.8 million earned in the second quarter of 2004. Diluted earnings per share
in the second quarter of 2005 of $.55 increased $.11, or 25%, compared with the
second quarter of 2004.

PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2005 COMPARED WITH THE SAME PERIOD
OF 2004

      Orders, sales and profits were higher for the first six months of 2005
compared with the same period last year. New orders for the first six months of
2005 totaled $538.6 million, 15% higher than last year. Excluding the impact of
foreign currency translation and acquisitions, orders were 9% higher than the
comparable period of 2004.

      Sales in the first half of the year increased 17% to $523.8 million from
$448.2 million a year ago. Base business sales rose 11%, foreign currency
translation added 2%, and acquisitions accounted for a 4% improvement. Base
business sales grew 13% domestically and 8% internationally during the first six
months of 2005. For the first half of the year, base business sales to
international customers were approximately 45% of total sales, versus 46% in the
first half of 2004.

      For the first six months of 2005, the Pump Products Group contributed 58%
of sales and 51% of operating income, the Dispensing Equipment Group accounted
for 20% of sales and 24% of operating income, and the Other Engineered Products
Group represented 22% of sales and 25% of operating income.

      Pump Products Group sales of $304.6 million increased $49.4 million, or
19%, for the six months ended June 30, 2005 compared with 2004. Base business
sales provided an 11% increase, acquisitions accounted for a 7% sales
improvement and foreign currency translation added 1%. In the first six months
of 2005, base business sales grew 12% domestically and 9% internationally. Base
business sales to customers outside the U.S. were approximately 38% of total
group sales in both the 2005 and 2004 periods.

                                      -12-


      Dispensing Equipment Group sales of $104.4 million increased $16.9
million, or 19%, in the first half of 2005 compared with the same period in
2004. The increase was attributable to an increase in base business sales of 16%
and favorable foreign currency translation of 3%. In the first half of 2005,
base business sales increased 27% domestically and 10% internationally. Base
business sales to customers outside the U.S. were approximately 63% of total
group sales in the first six months of 2005, compared with 66% in 2004.

      Other Engineered Products Group sales of $116.8 million increased $9.9
million, or 9%, in the first six months of 2005 compared with 2004. This
reflected a 7% increase in base business volume, a 1% improvement from foreign
currency translation, and a 1% favorable impact from the Dinglee acquisition. In
the first half of 2005, base business sales increased 11% domestically and 3%
internationally. Base business sales to customers outside the U.S. were
approximately 45% of total group sales in 2005, compared with 47% in 2004.

      Gross profit of $213.6 million in the first six months of 2005 increased
$34.0 million, or 19%, from 2004. Gross profit as a percent of sales was 40.8%
in 2005, an increase from 40.1% in 2004. The improved gross margins primarily
reflected volume leverage and savings realized from our global sourcing, Six
Sigma and Lean Manufacturing initiatives.

      SG&A increased to $124.8 million in 2005 from $108.6 million in 2004, and
as a percent of sales was 23.8%, down from 24.2% in 2004. The increase in SG&A
expenses reflected the acquisitions, volume-related expenses and the deliberate
reinvestment in the businesses to drive organic growth.

      Operating income increased by $17.7 million, or 25%, to $88.8 million in
the first half of 2005 from $71.1 million in 2004, primarily reflecting the
higher gross margins discussed above, partially offset by increased SG&A
expenses. Operating margins for the first six months of 2005 were 17.0% compared
with 15.9% in the prior year period. The margin increase from last year was
primarily due to volume leverage and the improvement in gross margins discussed
above. In the Pump Products Group, operating income of $52.7 million and
operating margins of 17.3% in 2005 were up from the $42.0 million and 16.4%
recorded in 2004. Operating income for the Dispensing Equipment Group of $24.8
million and operating margins of 23.8% in 2005 were up from the $19.2 million
and 22.0% in 2004. Operating income in the Other Engineered Products Group of
$25.5 million and operating margins of 21.9% in 2005 increased from $21.6
million and 20.2% achieved in 2004.

      Other income in the first six months of 2005 of $.4 million was favorable
compared with $.2 million of expense in 2004 mainly due to foreign currency
translation.

      Interest expense increased to $7.7 million in the first six months of 2005
from $7.1 million in 2004. This increase was principally attributable to a
higher interest rate environment partially offset by lower debt levels.

      IDEX's provision for income taxes is based upon estimated annual tax rates
for the year applied to federal, state and foreign income. The provision for
income taxes increased to $28.9 million in 2005 from $23.3 million in 2004. The
effective tax rate decreased to 35.5% in 2005 from 36.5% in 2004 due to a
favorable impact from research and development credits.

      Net income for the first half of 2005 was $52.6 million, 30% higher than
the $40.5 million earned in the same period of 2004. Diluted earnings per share
in the first six months of 2005 of $1.00 increased $.21 compared with the same
period last year.

LIQUIDITY AND CAPITAL RESOURCES

      At June 30, 2005, working capital was $134.5 million and our current ratio
was 1.9 to 1. Cash flows from operating activities increased $1.0 million, or
2%, to $53.2 million in 2005 mainly due to the improved operating results
discussed above offset by unfavorable working capital, reflecting an increase in
receivables as a result of higher sales.

      Cash flows provided from operations were more than adequate to fund
capital expenditures of $11.9 million and $9.8 million in the first six months
of 2005 and 2004, respectively. Capital expenditures were generally for
machinery and equipment that improved productivity and tooling to support IDEX's
global sourcing initiatives, although a portion was for business system
technology and replacement of equipment and facilities. Management

                                      -13-


believes that IDEX has ample capacity in its plants and equipment to meet
expected needs for future growth in the intermediate term.

      The Company acquired Systec in April 2004, Scivex in May 2004 and Dinglee
in July 2004 at a cost of $22.4 million, $98.6 million and $4.1 million,
respectively. All payments for acquisitions were financed under the Company's
credit facility.

      In addition to the $150.0 million of 6.875% Senior Notes due February 15,
2008, the Company also has a $600.0 million domestic multi-currency bank
revolving credit facility (Credit Facility), which expires December 14, 2009. At
June 30, 2005, the maximum amount available under the Credit Facility was $600.0
million, of which $6.4 million was borrowed, with outstanding letters of credit
totaling $5.1 million. The Credit Facility contains a covenant that limits total
debt outstanding to 3.25 times operating cash flow, as defined in the agreement.
Our total debt outstanding was $190.1 million at June 30, 2005, and based on the
covenant, total debt outstanding was limited to $644.4 million. Interest is
payable quarterly on the outstanding balance at the bank agent's reference rate
or, at the Company's election, at LIBOR plus an applicable margin. The
applicable margin is based on the credit rating of our Senior Notes, and can
range from 27 basis points to 75 basis points. Based on the Company's BBB rating
at June 30, 2005, the applicable margin was 55 basis points. We also pay an
annual fee of 15 basis points on the total Credit Facility.

      In December 2001, we, and certain of our subsidiaries, entered into a
one-year, renewable agreement with a financial institution, under which we
collateralized certain receivables for borrowings (Receivables Facility). This
agreement was renewed in December 2004 for one year. The Receivables Facility
provides for borrowings of up to $30.0 million, depending upon the level of
eligible receivables. At June 30, 2005, there were $20.0 million in borrowings
outstanding and included in long-term debt at an interest rate of approximately
3.4%.

      We also have a one-year, renewable $30.0 million demand line of credit
(Short-Term Facility), which expires on December 13, 2005. Borrowings under the
Short-Term Facility are at LIBOR plus the applicable margin in effect under the
Credit Facility. At June 30, 2005, there were no borrowings outstanding under
this facility.

      We believe the Company will generate sufficient cash flow from operations
for the next 12 months and in the long term to meet its operating requirements,
interest on all borrowings, required debt repayments, any authorized share
repurchases, planned capital expenditures, and annual dividend payments to
holders of common stock. In the event that suitable businesses are available for
acquisition upon terms acceptable to the Board of Directors, we may obtain all
or a portion of the financing for the acquisitions through the incurrence of
additional long-term debt.

      Our contractual obligations and commercial commitments include rental
payments under operating leases, payments under capital leases, and other
long-term obligations arising in the ordinary course of business. There are no
identifiable events or uncertainties, including the lowering of our credit
rating that would accelerate payment or maturity of any of these commitments or
obligations.

CRITICAL ACCOUNTING ESTIMATES

      We believe that the application of the following accounting policies,
which are important to our financial position and results of operations,
requires significant judgments and estimates on the part of management. For a
summary of all of our accounting policies, including the accounting policies
discussed below, see Note 1 of the Notes to Consolidated Financial Statements in
our 2004 Annual Report on Form 10-K.

Revenue recognition - We recognize revenue from products sales when title passes
and the risks of ownership have passed to the customer, based on the terms of
the sale. Our customary terms are FOB shipping point. We estimate and record
provisions for sales returns, sales allowances and original warranties in the
period the related products are sold, in each case based on our historical
experience. To the extent actual results differ from these estimated amounts,
results could be adversely affected.

Noncurrent assets - The Company evaluates the recoverability of certain
noncurrent assets utilizing various estimation processes. In particular, the
recoverability of June 30, 2005 balances for goodwill and intangible assets of
$695.1 million and $28.9 million, respectively, are subject to estimation
processes, which depend on the accuracy of underlying assumptions, including
future operating results. The company evaluates the recoverability of each of
these assets based on estimated business values and estimated future cash flows
(derived from estimated earnings and cash flow multiples). The recoverability of
these assets depends on the reasonableness of these assumptions and

                                      -14-


how they compare with the eventual operating performance of the specific
businesses to which the assets are attributed. To the extent actual business
values or cash flows differ from those estimated amounts, the recoverability of
these noncurrent assets could be affected.

Income taxes - Deferred taxes are recognized for the future tax effects of
temporary differences between financial and income tax reporting using tax rates
in effect for the years in which the differences are expected to reverse.
Federal income taxes are provided on that portion of the income of foreign
subsidiaries that is expected to be remitted to the United States and be
taxable. The management of the Company periodically estimates the Company's
probable tax obligations using historical experience in tax jurisdictions and
informed judgments. To the extent actual results differ from these estimated
amounts, results could be adversely affected.

Contingencies and litigation - We are currently involved in certain legal and
regulatory proceedings and, as required and where it is reasonably possible to
do so, have accrued our estimates of the probable costs for the resolution of
these matters. These estimates have been developed in consultation with outside
counsel and are based upon an analysis of potential results, assuming a
combination of litigation and settlement strategies. It is possible, however,
that future operating results for any particular quarterly or annual period
could be materially affected by changes in our assumptions or the effectiveness
of our strategies related to these proceedings.

Defined benefit retirement plans - The plan obligations and related assets of
defined benefit retirement plans are presented in Note 14 of the Notes to
Consolidated Financial Statements in the 2004 Annual Report on Form 10-K. Plan
assets, which consist primarily of marketable equity and debt instruments, are
valued using market quotations. Plan obligations and the annual pension expense
are determined by consulting actuaries using a number of assumptions. Key
assumptions in measuring the plan obligations include the discount rate at which
the obligation could be effectively settled and the anticipated rate of future
salary increases. Key assumptions in the determination of the annual pension
expense include the discount rate, the rate of salary increases, and the
estimated future return on plan assets. To the extent actual amounts differ from
these assumptions and estimated amounts, operating results could be adversely
affected.

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

      We are subject to market risk associated with changes in interest rates
and foreign currency exchange rates. Interest rate exposure is limited to the
$190.1 million of total debt outstanding at June 30, 2005. Approximately 19% 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 $.2 million annualized increase or decrease in interest expense and
cash flows. The remaining debt is fixed rate debt. We will, from time to time,
enter into interest rate swaps on our debt when we believe there is a financial
advantage for doing so. A treasury risk management policy, adopted by the Board
of Directors, describes the procedures and controls over derivative financial
and commodity instruments, including interest rate swaps. Under the policy, we
do not use derivative financial or commodity instruments for trading purposes,
and the use of these instruments is subject to strict approvals by senior
officers. Typically, the use of derivative instruments is limited to interest
rate swaps on the company's outstanding long-term debt. As of June 30, 2005, the
Company did not have any derivative instruments outstanding.

      Our foreign currency exchange rate risk is limited principally to the euro
and British pound. We manage our foreign exchange risk principally through
invoicing our customers in the same currency as the source of our products. As a
result, the company's exposure to any movement in foreign currency exchange
rates is immaterial to the Consolidated Statements of Operations.

ITEM 4.  CONTROLS AND PROCEDURES.

      The company maintains disclosure controls and procedures that are designed
to ensure that information required to be disclosed in the company's Exchange
Act reports is recorded, processed, summarized and reported within the time
periods specified in the SEC's rules and forms, and that such information is
accumulated and communicated to the company's management, including its Chief
Executive Officer and Chief Financial Officer, as appropriate, to allow timely
decisions regarding required disclosure. In designing and evaluating the
disclosure controls and procedures, management recognized that any controls and
procedures, no matter how well designed and operated, can provide only
reasonable assurance of achieving the desired control objectives, and management
is required to apply its judgment in evaluating the cost-benefit relationship of
possible controls and procedures.

                                      -15-


      As required by SEC Rule 13a-15(b), the Company carried out an evaluation,
under the supervision and with the participation of the company's management,
including the Company's Chief Executive Officer and the Company's Chief
Financial Officer, of the effectiveness of the design and operation of the
company's disclosure controls and procedures as of the end of the period covered
by this report. Based on the foregoing, the Company's Chief Executive Officer
and Chief Financial Officer concluded that the Company's disclosure controls and
procedures were effective at the reasonable assurance level.

      There has been no change in the Company's internal controls over financial
reporting during the Company's most recent fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the Company's internal
controls over financial reporting.

                           PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

      IDEX and five of its subsidiaries have been named as defendants in a
number of lawsuits claiming various asbestos-related personal injuries,
allegedly as a result of exposure to products manufactured with components that
contained asbestos. Such components were acquired from third party suppliers,
and were not manufactured by any of the subsidiaries. To date, all of the
Company's settlements and legal costs, except for costs of coordination,
administration, insurance investigation and a portion of defense costs, have
been covered in full by insurance subject to applicable deductibles. However,
the Company cannot predict whether and to what extent insurance will be
available to continue to cover such settlements and legal costs, or how insurers
may respond to claims that are tendered to them.

      Claims have been filed in Alabama, California, Connecticut, Delaware,
Georgia, Illinois, Louisiana, Maryland, Michigan, Minnesota, Mississippi,
Missouri, Nevada, New Jersey, New York, Ohio, Oregon, Pennsylvania, Texas, Utah,
Washington and Wyoming. Most of the claims resolved to date have been dismissed
without payment. The balance have been settled for reasonable amounts. Only one
case has been tried, resulting in a verdict for the Company's business unit.

      No provision has been made in the financial statements of the Company,
other than for insurance deductibles in the ordinary course, and IDEX does not
currently believe the asbestos-related claims will have a material adverse
effect on the Company's business or financial position.

      IDEX is also party to various other legal proceedings arising in the
ordinary course of business, none of which is expected to have a material
adverse effect on its business, financial condition or results of operations.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.



                                                                         Total Number of    Maximum Number
                                                                        Shares Purchased    of Shares that
                                                                           as Part of         May Yet be
                                                                            Publicly        Purchased Under
                                  Total Number of     Average Price      Announced Plans       the Plans
            Period                Shares Purchased    Paid per Share     or Programs (1)    or Programs (1)
- -------------------------------   ----------------    --------------    ----------------    ---------------
                                                                                
April 1, 2005 to April 30, 2005           -                 -                   -              2,240,250
May 1, 2005 to May 31, 2005               -                 -                   -              2,240,250
June 1, 2005 to June 30, 2005             -                 -                   -              2,240,250


(1) On October 20, 1998, IDEX's Board of Directors authorized the repurchase of
up to 2.25 million shares of its common stock, either at market prices or on a
negotiated basis as market conditions warrant.

                                      -16-


ITEM 5. OTHER INFORMATION.

      There has been no material change to the procedures by which security
holders may recommend nominees to the Company's board.

ITEM 6. EXHIBITS.

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

                                   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.

                                   IDEX CORPORATION

August 8, 2005                     /s/  Dominic A. Romeo
                                   ---------------------------------------------
                                   Dominic A. Romeo
                                   Vice President and Chief Financial Officer
                                   (duly authorized principal financial officer)

                                      -17-


                                 EXHIBIT INDEX



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)

3.1 (b)     Amendment to Restated Certificate of Incorporation of IDEX
            Corporation (incorporated by reference to Exhibit No. 3.1 (b) to the
            Current Report of IDEX on Form 8-K dated March 24, 2005, 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 December 14, 2004, among IDEX
            Corporation, Bank of America N.A. as Agent and Issuing Bank, and the
            Other Financial Institutions Party Hereto (incorporated by reference
            to Exhibit No. 4.5 to the Annual Report of IDEX on Form 10-K for the
            year ended December 31, 2004, Commission File No. 1-10235)

4.6         Credit Lyonnais Uncommitted Line of Credit, dated as of December 3,
            2001 (incorporated by reference to Exhibit 4.6 to the Annual Report
            of IDEX on Form 10-K for the year ended December 31, 2001,
            Commission File No. 1-10235)

4.6 (a)     Amendment No. 3 dated as of May 21, 2004 to the Credit Lyonnais
            Uncommitted Line of Credit Agreement dated December 3, 2001
            (incorporated by reference to Exhibit 4.6 (b) to the Quarterly
            Report of IDEX on Form 10-Q for the quarter ended June 30, 2004,
            Commission File No. 1-10235)

4.7         Receivables Purchase Agreement dated as of December 20, 2001 among
            IDEX Receivables Corporation, as Seller, IDEX Corporation, as
            Servicer, Falcon Asset Securitization Corporation, the Several
            Financial Institutions from Time to Time Party Hereto, and Bank One,
            NA (Main Office Chicago), as Agent (incorporated by reference to
            Exhibit 4.7 to the Annual Report of IDEX on Form 10-K for the year
            ended December 31, 2001, Commission File No. 1-10235)

 4.7 (a)    Amendment No. 3 to Receivables Purchase Agreement and Restated Fee
            Letter dated as of December 15, 2004 (incorporated by reference to
            Exhibit 4.7 (a) to the Annual Report of IDEX on Form 10-K for the
            year ended December 31, 2004, Commission File No. 1-10235)


                                      -18-


                             EXHIBIT INDEX (CON'T.)



EXHIBIT
 NUMBER                                   DESCRIPTION
- --------    -------------------------------------------------------------------
         
*31.1       Certification of Chief Executive Officer Pursuant to Rule 13a-14(a)
            or Rule 15d-14(a)

*31.2       Certification of Chief Financial Officer Pursuant to Rule 13a-14(a)
            or Rule 15d-14(a)

*32.1       Certification pursuant to Section 1350 of Chapter 63 of Title 18 of
            the United States Code

*32.2       Certification pursuant to Section 1350 of Chapter 63 of Title 18 of
            the United States Code


- -----------------
*     Filed herewith

**    Management contract or compensatory plan or agreement

                                      -19-