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|Standex Announces the Sale of Doubleday Bros. & Co. Division to Business Forms Group, Inc.|
| SALEM, NH, February 23, 1998 . . . . Standex
International Corporation (NYSE:SXI)
announced that it has sold its Doubleday Bros. & Co. division in Kalamazoo, Michigan
to Business Forms Group, Inc. for an undisclosed amount of cash and notes. Doubleday Bros.
had sales in fiscal year 1997 of approximately $16.5 million. |
In announcing this divestiture Edward J. Trainor, President and CEO stated that, "The sale of the business forms printing business conducted by Doubleday Bros. & Co. marks the completion of the Company's divestiture of the various product lines of Doubleday Bros. & Co. During 1997, the Company divested the office supply and office furniture product lines which were offered by Doubleday Bros. & Co."
Business Forms Group, Inc., of Plymouth, Michigan, acquired the Doubleday Bros. & Co. division as part of a nationwide campaign to acquire business forms printing companies throughout the United States.
Standex International Corporation, with sales for the fiscal year ended June 30, 1997, of $565 million and operations in the United States, Western Europe, Canada, Australia, Singapore and Mexico, is a diversified manufacturer in three broad business segments: Food Service, Industrial Products and Consumer Products.