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|Standex Names Richard Hiltunen as President of Custom Hoists, Inc.|
SALEM, N.H., Sep 24, 2010 (BUSINESS WIRE) --
Standex International Corporation(NYSE:SXI) today announced that Richard N. Hiltunen has joined the Company as president of its Custom Hoists, Inc., subsidiary. In an extensive career working for several well-known fluid power and hydraulics components companies, Hiltunen has significant experience in sales and marketing, key account management, customer service and technical support, as well as in operations, engineering and project leadership.
"Custom Hoists is in a strong position to accelerate its organic growth both domestically and internationally,"1 said Standex President and CEO Roger Fix. "Having a proven leader like Rick Hiltunen, with experience in the fluid power and hydraulics end user markets, taking the leadership role at Custom Hoists is an important step forward for Standex. We look forward to Rick's extending his record of accomplishment as a member of our team."
Hiltunen most recently served as vice president and general manager of the Compact Hydraulic and Cooling Systems business units of Hydac Corporation, a privately held global hydraulic products manufacturer headquartered in Germany. He previously held management positions at Eaton Corporation, Parker Hannifin Corporation, Innotek Corporation and Vickers Incorporated. Hiltunen holds a Bachelor of Science degree in Marketing from Northern Michigan University and a Master's degree in Business Administration from Central Michigan University.
Standex's Custom Hoists, Inc. subsidiary, which operates as part of the Company's Electronics and Hydraulics Group, provides single- and double-acting telescopic and piston rod hydraulic cylinders to truck manufacturers for the dump trailer and dump body industry. Custom Hoists has an estimated 70% share of the dump trailer market and a 30% share for dump trucks in the United States. Sales are made directly to OEMs manufacturing dump trucks, trash collection vehicles, lift trucks and other mobile units requiring hydraulic power.
Standex International Corporation is a multi-industry manufacturer in five broad business segments: Food Service Equipment Group, Air Distribution Products Group, Engineering Technologies Group,Engraving Group and the Electronics and Hydraulics Products Group with operations in the United States, Europe, Canada, Australia, Singapore, Mexico, Brazil, India and China. For additional information, visit the Company's website at www.standex.com.
1 Safe Harbor Language
Statements in this news release include, or may be based upon, management's current expectations, estimates and/or projections about Standex's markets and industries. These statements are forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may materially differ from those indicated by such forward-looking statements as a result of certain risks, uncertainties and assumptions that are difficult to predict. Among the factors that could cause actual results to differ are uncertainty in conditions in the financial and banking markets, general domestic and international economy including more specifically increases in raw material costs, the ability to substitute less expensive alternative raw materials, the heavy construction vehicle market, the new residential construction market, the ability to continue to successfully implement productivity improvements, increase market share, access new markets, introduce new products, enhance our presence in strategic channels, the successful expansion and automation of manufacturing capabilities and diversification efforts in emerging markets, the ability to continue to achieve cost savings through lean manufacturing, cost reduction activities, and low cost sourcing, effective completion of plant consolidations and the other factors discussed in the Annual Report of Standex on Form 10-K for the fiscal year ending June 30, 2010, which is on file with the Securities and Exchange Commission, and any subsequent periodic reports filed by the Company with the Securities and Exchange Commission. In addition, any forward-looking statements represent management's estimates only as of the day made and should not be relied upon as representing management's estimates as of any subsequent date. While the Company may elect to update forward-looking statements at some point in the future, the Company and management specifically disclaim any obligation to do so, even if management's estimates change.
SOURCE: Standex International Corporation
Standex International Corporation