|Standex Announces Agreement to Purchase ACME Manufacturing Company|
| SALEM, NH, JULY 9, 1997. . . Standex
International Corporation (NYSE:SXI)
announced that it has entered into an agreement in principle to purchase the net assets of
the ACME Manufacturing Company of Philadelphia PA for an undisclosed amount of cash. |
ACME Manufacturing is a manufacturer of heating, ventilation and air conditioning pipe, duct, and fittings for the home building industry in the Northeast, Mid-West and Southern United States. ACME, with annual sales of approximately $60 million, has seven manufacturing facilities. The closing is scheduled for September 30, 1997.
In announcing the agreement, Edward J. Trainor, Standex's President and CEO, said "This acquisition will provide our Standex Air Distribution group, which manufactures and markets a similar line of products as ACME, with an entry into new geographic areas of the United States. This will result in Standex being the only company with a nationwide manufacturing and distribution network for these products. We expect that the acquisition will be accretive to earnings immediately and we anticipate significant manufacturing efficiencies in the future by capitalizing on the developed strengths of the consolidated entities." 1
Standex International Corporation, with sales for the fiscal year ended June 30, 1996 of $563 million and operations in the United States, Western Europe, Canada, Australia, Singapore and Mexico, is a diversified manufacturer in three basic areas: Industrial Products, Graphics/Mail Order and Institutional Products.
1 These "forward-looking" statements are necessarily dependent upon uncertainties in competitive pricing pressures and market demand.