4.	Business Segments

The Company has four reportable business segments: Fluid & Metering Technologies, Health & Science Technologies, Dispensing Equipment and Fire & Safety/Diversified Products.

The Fluid & Metering Technologies Segment designs, produces and distributes positive displacement pumps, flow meters, injectors, and other fluid-handling pump modules and systems and provides flow monitoring and other services for water & wastewater. The Health & Science Technologies Segment designs, produces and distributes a wide range of precision fluidics, rotary lobe pumps, centrifugal and positive displacement pumps, roll compaction and drying systems used in beverage, food processing, pharmaceutical and cosmetics, pneumatic components and sealing solutions, including very high precision, low-flow rate pumping solutions required in analytical instrumentation, clinical diagnostics and drug discovery, high performance molded and extruded, biocompatible medical devices and implantables, air compressors used in medical, dental and industrial applications, optical components and coatings for applications in the fields of scientific research, defense, aerospace, telecommunications and electronics manufacturing, laboratory and commercial equipment used in the production of micro and nano scale materials, precision photonic solutions used in life sciences, research and defense markets, and precision gear and peristaltic pump technologies that meet exacting OEM specifications. The Dispensing Equipment Segment produces precision equipment for dispensing, metering and mixing colorants and paints used in a variety of retail and commercial businesses around the world. The Fire & Safety/Diversified Products Segment produces firefighting pumps and controls, 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.

Information on the Company's business segments is presented below, based on the nature of products and services offered. The Company 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. Certain prior year amounts have been revised to reflect the movement of the Pharma group from the Fluid & Metering Technologies Segment to the Health & Science Technologies Segment.


	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
	(In thousands)
Net sales
Fluid & Metering Technologies:
External customers	$	205,155		$	168,614		$	400,288		$	335,554
Intersegment sales		96			189			236			357

Total group sales		205,251			168,803			400,524			335,911

Health & Science Technologies:
External customers		143,719			104,886			277,033			196,637
Intersegment sales		400			1,345			721			2,885

Total group sales		144,119			106,231			277,754			199,522

Dispensing Equipment:
External customers		36,002			41,102			67,987			74,640
Intersegment sales		144			33			317			49

Total group sales		36,146			41,135			68,304			74,689

Fire & Safety/Diversified Products:
External customers		68,922			63,924			135,579			127,293
Intersegment sales		124			67			196			99

Total group sales		69,046			63,991			135,775			127,392

Intersegment elimination		(764	)		(1,634	)		(1,470	)		(3,390	)

Total net sales	$	453,798		$	378,526		$	880,887		$	734,124

Operating income
Fluid & Metering Technologies	$	40,288		$	29,461		$	80,525		$	60,450
Health & Science Technologies		28,065			21,209			59,179			40,912
Dispensing Equipment		10,377			9,712			16,016			16,351
Fire & Safety/Diversified Products		16,488			13,916			31,991			26,987
Corporate office and other		(15,589	)		(11,518	)		(30,361	)		(24,027	)

Total operating income		79,629			62,780			157,350			120,673
Interest expense		6,720			3,599			13,174			7,033
Other income (expense)-net		347			239			(560	)		493

Income before taxes	$	73,256		$	59,420		$	143,616		$	114,133


	June 30, 2011		December 31, 2010
	(In thousands)
Assets:
Fluid & Metering Technologies	$	1,081,447	$	1,040,601
Health & Science Technologies		1,235,207		718,884
Dispensing Equipment		261,742		205,540
Fire & Safety/Diversified Products		290,704		278,567
Corporate office and other(1)		54,220		138,103

Total assets	$	2,923,320	$	2,381,695

(1)	Includes intersegment eliminations.