SALEM,
N.H., Feb. 28, 2023 /PRNewswire/ -- Standex
International Corporation (NYSE:SXI) announced today that it closed
the sale of its Procon Pumps business to Investindustrial.
Commenting on the sale, President & CEO David Dunbar stated, "We are pleased to have
successfully divested the Procon business in line with our expected
timing and valuation. We believe that the outcome of this process
is in the best interests of our shareholders as well as our Procon
employees and customers, who will be well served by CEME Group, a
portfolio holding of Investindustrial. I would like to thank our
former Procon colleagues for their contributions to Standex and
wish them much success as they start a new chapter for the
business."
Seale & Associates served as investment banking advisor to
Standex on the transaction.
TCF Law Group served as legal advisor to Standex on the
transaction.
About Investindustrial and CEME Group
Founded in 1990, Investindustrial is a leading European
investment and advisory group with over €12 billion of raised fund
capital. It provides industrial solutions and capital to
high-quality mid-market companies. Among its portfolio of companies
is CEME Group, which manufactures solenoid pumps, rotary pumps, and
solenoid valves in Italy and
across the globe. CEME Group is known for its technical engineering
know-how, quality, flexibility and for its unique ability to
develop innovative solutions for customers in Italy and other international markets.
About Procon
Procon is a global supplier of custom fluid solutions that
combines collaborative design expertise, bespoke solution
engineering, and a high-quality, highly-engineered portfolio of
niche positive displacement pumps. It is a valued channel partner
to a diverse base of "top tier" OEMs and distributors offering
tailored solutions for critical and challenging fluid system
applications. The company is a leading innovator in the rotary vane
and gear pump segments.
About Standex
Standex International Corporation is a global multi-industry
manufacturer in five broad business segments: Electronics,
Engraving, Scientific, Engineering Technologies, and Specialty
Solutions with operations in the United
States, Europe,
Canada, Japan, Singapore, Mexico, Brazil, Turkey, South
Africa, India and
China. For additional information, visit the Company's
website standex.com.
Safe Harbor Language
Statements contained in this Press Release that are
not based on historical facts are "forward-looking
statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements may be
identified by the use of forward-looking terminology such as
"should," "could," "may," "will," "expect," "believe," "estimate," "anticipate," "intend," "continue,"
or similar terms or variations of those terms or the negative of
those terms. There are many factors that affect the
Company's business and the results of its operations and
that may cause the actual results of operations in future periods
to differ materially from those currently expected or
anticipated. These factors include, but are not limited
to: the impact of pandemics such as the current coronavirus on
employees, our supply chain, and the demand for our products and
services around the world; materially adverse or unanticipated
legal judgments, fines, penalties or settlements; conditions in the
financial and banking markets, including fluctuations in exchange
rates and the inability to repatriate foreign cash; domestic and
international economic conditions, including the impact, length and
degree of economic downturns on the customers and markets we serve
and more specifically conditions in the automotive, construction,
aerospace, defense, transportation, food service equipment,
consumer appliance, energy, oil and gas and general industrial
markets; lower-cost competition; the relative mix of products which
impact margins and operating efficiencies in certain of our
businesses; the impact of higher raw material and component costs,
particularly steel, certain materials used in electronics parts,
petroleum based products, and refrigeration components; the impact
of higher transportation and logistics costs, especially with
respect to transportation of goods from Asia; the impact of inflation on the costs of
providing our products and services; an inability to realize the
expected cost savings from restructuring activities including
effective completion of plant consolidations, cost reduction
efforts including procurement savings and productivity
enhancements, capital management improvements, strategic capital
expenditures, and the implementation of lean enterprise
manufacturing techniques; the potential for losses associated with
the exit from or divestiture of businesses that are no longer
strategic or no longer meet our growth and return expectations; the
inability to achieve the savings expected from global sourcing of
raw materials and diversification efforts in emerging markets; the
impact on cost structure and on economic conditions as a result of
actual and threatened increases in trade tariffs; the inability to
attain expected benefits from acquisitions and the inability to
effectively consummate and integrate such acquisitions and achieve
synergies envisioned by the Company; market acceptance of our
products; our ability to design, introduce and sell new products
and related product components; the ability to redesign certain of
our products to continue meeting evolving regulatory requirements;
the impact of delays initiated by our customers; our ability to
increase manufacturing production to meet demand including as a
result of labor shortages; and potential changes to future pension
funding requirements. 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.
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SOURCE Standex International Corporation