|Standex Establishes Strategic Presence in South Africa with Mold Texturizing Acquisition|
SALEM, N.H., Jan 04, 2011 (BUSINESS WIRE) --
Standex International Corporation(NYSE:SXI) today announced that it has acquired the assets and intellectual property of privately-held S.A. Chemical Etching located near Durban, South Africa. A leading producer of mold textures in the region, the business will operate under the name Standex Engraving South Africa as part of the Standex Engraving Group. This acquisition further broadens Standex Engraving's international presence and ability to service global automotive OEM customers in key emerging growth markets. S.A. Chemical Etching recently reported trailing 12-month revenue of approximately $300,000, and is expected to be accretive to earnings on a GAAP basis in the first quarter of combined operations due to Ford program work already awarded to Standex Engraving. Terms of the acquisition were not disclosed.1
"This acquisition is another milestone in the execution of our strategy to expand the geographic reach of Standex's Engraving business," said Roger Fix, President and Chief Executive Officer of Standex International. "Standex Engraving South Africa will establish a strong presence for us in a geographic market that is expected to experience double-digit growth in each of the next four years.1 We look forward to adding our advanced texturizing technologies for global automotive OEM customers, as well as engraved rolls and plates, to Standex Engraving South Africa's offerings."
"Standex Engraving South Africa will be the only international mold texturizing company in South Africa, and a significant number of our customers are already operating there," said Phil Whisman, President of Standex Engraving. "This market is highly strategic to our customers and they are making significant investments in their South African operations. From our new location near Durban, Standex Engraving South Africa will support American, European and Japanese automotive OEM customers currently operating in South Africa, such as Ford, General Motors, BMW, Mercedes Benz, Volkswagen, Toyota and Nissan. These partners are serving the local South African automotive market as well as using the region to export to other countries in Africa and to the Middle East."
About the Standex Engraving Group
Standex Engraving is the world leader and the only truly global resource in texturizing and digital engraving. Long known for the quality texturizing solutions it delivers under the Roehlen Embossing and Mold-Tech banners, the Company expanded its industry leadership position in June 2003 with its purchase of the business assets and intellectual property of Richmond, Virginia-based I R International, Inc., a producer of engraved embossing rolls, plates and Gravure cylinders. Standex Engraving excels at shortening the supply chain for global OEMs as a single source texturizing supplier and enabling our customers to provide consumer products with the right surface finish. The Group has established a worldwide network of manufacturing centers and design studios to provide uniform engravings for countless applications and positioned itself as the leader in digital engraving technology providing customized texturizing solutions. For more information, visit the Group's website at www.standexengraving.com
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 Group with operations in the United States, Europe, Canada, Australia, Singapore, Mexico, Brazil, India, Turkey, 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 its successful consummation of the transaction. 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 the ability to increase market share, access new markets, introduce new services, enhance our presence in strategic channels, the successful expansion and diversification efforts in emerging markets 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