Standex
International Corp. (ticker:
SXI, exchange: New York
Stock Exchange) News Release
- 12/1/03
Standex
Acquires Magnetico, Inc.
Strategic
Acquisition of Defense
Supplier Expands Markets
for Standex Electronics
Group
SALEM,
N.H.--(BUSINESS WIRE)--Dec.
1, 2003--Standex International
Corporation (NYSE:SXI)
today announced that it
has purchased substantially
all of the assets of privately
held Magnetico, Inc.,
of Holtsville, New York,
and its affiliate, Trans
American Transformer,
Inc. of East Setauket,
New York, in an all cash
transaction. Terms of
the transaction were not
disclosed. The affiliated
companies, with combined
annual sales of $3.2 million,
custom design and manufacture
high-reliability, flight-critical
magnetic components for
the U.S. military and
the aerospace and avionics
industries. Standex expects
the acquisition to be
accretive to earnings
in its first full year.(1)
"Standex's acquisition
strategy is focused on
identifying bolt-on companies
with highly complementary
lines of value-added,
engineered products that
can accelerate our growth
in targeted markets,"
said Roger Fix, President
and CEO of Standex. "The
purchase of Magnetico
and Trans American Transformer
represents the continued
execution of this strategy,
and adds to an already
robust platform of electronic
components and subassemblies."
"What
differentiates Standex
Electronics from its competition
is the quality of the
engineered turnkey solutions
that we produce," said
John Meeks, President
of Standex Electronics
Group. "Our engineering,
custom-manufacturing capabilities,
broad product offering
and laboratory testing
are quite unique and allow
us to provide superior
service to our customers.
The acquisition of Magnetico
and Trans American Transformer
provides additional synergies
and opportunities to penetrate
the market for high-reliability
electronic components
in the aerospace and avionics
markets. The two companies
have proven products,
long-term relationships
with an established base
of prestigious customers
and a strong management
team. We are pleased that
Mark Eicher, President
of Magnetico, and Harold
Eicher, Vice President
of Magnetico have agreed
to continue in their management
roles."
Magnetico (www.Magnetico.com)
designs and manufactures
high-reliability magnetics
that meet military and
aerospace standards. Founded
in 1959, the company is
a NASA-approved Space
Station Freedom Supplier.
The Magnetico testing
facility and manufacturing
operation are certified
by the Defense Logistics
Agency and the Defense
Electronics Supply Center.
The
Standex Electronics Group,
with facilities in the
United States, Canada,
United Kingdom, Mexico
and China, is a global
manufacturer of high-quality
electronic and electro-mechanical
components, assemblies
and connectors to the
automotive, medical, communications,
refrigeration, air conditioning,
security and industrial
power supply industries.
This acquisition marks
the third addition to
Standex Electronics' core
of companies since Standex
launched its Focused Diversity
initiative and its restructuring
and realignment program.
The earlier acquisitions
included ATC-Frost Magnetics
in 2001 and Cin-Tran in
2002.
About
Standex
Standex
International Corporation
is a multi-industry manufacturer
in three broad business
segments: Food Service,
Industrial and Consumer
with operations in the
United States, Europe,
Canada, Australia, Singapore,
Mexico, Brazil and China.
For more information about
Standex, visit www.standex.com.
(1)
These statements are forward
looking and involve certain
risks, uncertainties and
assumptions. Factors affecting
the outcome and results
include failure to achieve
the Company's acquisition
and restructuring goals,
uncertainties in the economy,
competitor activities,
changes in economic growth
and demands in domestic
and international markets,
pricing pressures and
other market factors.
Actual results could differ
materially from anticipated
projected results.
