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|Standex International Announces Purchase of CIN-TRAN, Inc.; Acquisition of Transformer Manufacturer Broadens Standex Electronics Product Line and Expands Markets|
|SALEM, N.H., Oct 1, 2002 (BUSINESS WIRE) -- Standex International Corporation
(NYSE:SXI) announced today that it has purchased substantially all of the assets
of Cincinnati, Ohio-based CIN-TRAN, Inc., a manufacturer of custom UL/CSA
approved low-frequency transformers.
CIN-TRAN sells its products primarily to the lighting, lawn service and water heater controls markets. Standex expects that the acquisition will be accretive to earnings in the first year. CIN-TRAN, which had annual revenues of approximately $4 million, will be part of the Company's Standex Electronics Group. Terms of the acquisition agreement were not disclosed.
Standex Chairman of the Board and CEO Edward J. Trainor stated, "The acquisition of CIN-TRAN expands the Standex Electronics transformer product line and broadens our market opportunities in this area. Through this acquisition, we expect to penetrate new markets with Standex's present line of transformers and sell CIN-TRAN's products into the markets that we currently serve. In addition, we plan to leverage our infrastructure to enable CIN-TRAN to manufacture and distribute its products more efficiently and competitively." (1)
"Going forward, our strategy is to focus on acquiring companies that have highly complementary lines of engineered products and that open new markets for Standex," concluded Trainor. (1)
CIN-TRAN, Inc. was founded in 1964 as a sole supplier of custom transformers to a battery charger manufacturer. The company now designs and manufactures custom transformers to more than 30 industries throughout the world. CIN-TRAN, Inc. also offers a wide variety of UL & CSA recognized designs. CIN-TRAN's transformers are used in dozens of applications, including hot water heater controls, pool lighting, and irrigation and lawn sprinkler controls.
Standex Electronics, with production facilities in the United States, Canada, United Kingdom and Mexico, manufactures and sells various electronic components, assemblies and connectors to the automotive, communications, refrigeration, air conditioning and industrial power supply industries.
About Standex International Corporation
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 and Mexico.
(1) These "forward-looking" statements are necessarily dependent upon uncertainties in the economy, consolidations in our markets, competitive pricing pressures, market demand and effects of technological improvements at our unit.
CONTACT: Standex International Corporation Daniel C. Potter, 603/893-9701