|Standex Closes on American Foodservice Company Acquisition|
SALEM, N.H.--(BUSINESS WIRE)--Jan. 5, 2007--Standex International Corporation (NYSE:SXI) today announced that it has closed on its acquisition of American Foodservice Company (AFS), a recognized premium food service equipment manufacturer with expertise in stainless steel, millwork and solid surface stonework. The transaction was valued at approximately $9.3 million.
"We are excited to have closed the AFS acquisition and we look forward to completing the integration process," said Roger Fix, Standex president and chief executive officer. "This acquisition represents an excellent strategic addition to our Food Service Group; AFS's custom manufacturing capabilities in stainless steel, millwork and stonework will add a complementary dimension to our product portfolio."
Standex International Corporation is a multi-industry manufacturer in five broad business segments: Food Service Equipment Group, Air Distribution Products Group, Engineered Products Group, Engraving Group and Hydraulics Products Group with operations in the United States, Europe, Canada, Australia, Singapore, Mexico, Brazil and China. For additional information, visit the company's website at www.standex.com.
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 general domestic and international economy including more specifically conditions in the food services equipment markets, complexities in integrating the acquired business into the Company's existing group of food service equipment businesses, and the other factors discussed in the Annual Report of Standex on Form 10-K for the fiscal year ending June 30, 2006, 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.
CONTACT: Standex International
SOURCE: Standex International Corporation