SALEM,
N.H., July 31, 2023 /PRNewswire/ -- Standex
International Corporation (NYSE:SXI) today announced that it
has acquired privately-held, South
Dakota-based Minntronix for approximately $30 million in cash. The transaction is being
financed from Standex's existing cash balance. In its first year of
ownership, the Company expects the acquisition to be accretive to
its earnings and to achieve a double-digit return on invested
capital.
"We are very pleased to have acquired Minntronix, a great
strategic fit, expanding our presence in fast growth end markets in
5G, smart grid, and industrial automation. In addition, its
customer base and product line are highly complementary to our
existing business with the potential to further expand key account
relationships and capitalize on cross selling opportunities.
Minntronix also brings a strong engineering and customer support
team, expanding our problem solving ability, and extends our
geographic footprint." commented President and Chief Executive
Officer David Dunbar.
Minntronix designs and manufactures customized as well as
standard magnetics components and products including transformers,
inductors, current sensors, coils, chokes, and filters. The
products are used in applications across cable fiber, smart meters,
industrial control and lighting, electric vehicles, and home
security markets.
Commenting on the transaction, Lew
Tollefson, President and CEO of Minntronix, stated "We are
excited to join a global leader that provides a strong foundation
for our continued growth. Standex's ownership offers us the
opportunity to leverage a much broader geographical presence,
additional engineering expertise, complementary product offerings,
and enhanced customer relationships."
"With today's announcement, we have strengthened our competitive
advantage by adding scale to our expertise and capabilities in
markets that are growing and benefiting from secular tailwinds. The
addition of Minntronix also furthers Standex's portfolio strategy
of building our higher-margin growth business segments into more
significant platforms. We look forward to welcoming the entire
Minntronix team to our company," concluded Dunbar.
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.
About Minntronix
Minntronix, founded in 1990, designs and manufactures
transformers, inductors, sensors, coils, chokes, and filters for
products focused on cable fiber, smart meters, industrial control
and lighting, electric vehicles, and home security markets. For
additional information, visit the Company's website at
http://www.minntronix.com.
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SOURCE Standex International Corporation