- Sale supports continued simplification of portfolio
- You can focus more on large-scale business and fast-growing end-market opportunities.
- Proceeds are used for organic and inorganic initiatives and to return capital to shareholders
Salem, New Hampshire, February 2, 2023 /PRNewswire/ — Standex International Corporation (NYSE:SXI) today announced that it has entered into an agreement to sell its Procomp pump business to Investindustrial, a leading European investment and advisory group, for an enterprise value of $1,000. bottom. $75 million, subject to customary post-closing adjustments. The transaction is expected to close in February. The process computer business was formerly part of the Specialty Solutions segment. Net sales of process computers in fiscal 2022 will be $33.7 million.
Standex’s president and CEO said: David Dunbar“Investindustrial’s portfolio of companies includes the CEME Group, which manufactures solenoid pumps, rotary pumps and solenoid valves. Italy and around the world. CEME Group believes it is well positioned to allow the Procon business to grow and reach its strategic potential. I thank my colleagues at Procon for their contributions to Standex and wish them every success as they begin this new chapter in their business. “
Standex intends to use the proceeds of the sale in accordance with its current capital allocation framework consisting of organic growth opportunities, inorganic initiatives and return of capital to shareholders.
About Investindustrial and CEME Group
Founded in 1990, Investindustrial is Europe’s leading investment and advisory group with over €12 billion in funding. We provide industrial solutions and capital to high quality midsize companies. Among its corporate portfolio is his CEME Group, which manufactures solenoid pumps, rotary pumps and solenoid valves. Italy and around the world. CEME Group is known for its technical engineering know-how, quality, flexibility and unique ability to develop innovative solutions for its customers. Italy and other international markets.
About the process computer
Procon is a global supplier of custom fluid solutions that combines co-design expertise, bespoke solutions engineering and a high quality, highly engineered portfolio of niche positive displacement pumps. The company is a valued channel partner to a diverse “top tier” of his OEMs and distributors providing customized solutions for critical and challenging fluid system applications.The company is a leading innovator in the field of rotary vanes and gear pumps
Standex International Corporation is a global multi-industry manufacturer with five broad business segments: electronics, sculpture, science, engineering technology and professional solutions. usa, Europe, Canada, Japan, Singapore, Mexico, Brazil, turkey, South Africa, India, and China. For more information, please visit our website standex.com.
safe harbor language
Statements contained in this press release Anything not based on historical facts “Forward-Looking Statements“ Within the meaning of the Private Securities Litigation Reform Act of 1995. “should do it,” “can,” “in May,” “intention,” “Predict,” “believe,” “estimate,” “Predict,” “intended to” “Continue,” or similar terms or variations of those terms, or negation of those terms.There are many factors that affect a company‘As a result, actual operating results in future periods may differ materially from those currently anticipated or projected. These factors include, but are not limited to: The impact of pandemics such as the current coronavirus on employees, supply chains, and demand for products and services around the world. material adverse or unexpected legal judgments, fines, penalties or settlements; financial and banking market conditions, including exchange rate fluctuations and the inability to repatriate foreign cash; the impact, length and extent of economic downturns on the customers and markets we serve, more specifically automotive, construction, aerospace, defense, transportation, food service equipment, consumer electronics, energy, oil and gas and generally; industrial market. low-cost competition; the relative mix of products that affect margins and operational efficiency in a particular business; The impact of rising costs of raw materials and components, especially steel, certain materials used in electronic components, petroleum-based products, and refrigeration components.The impact of rising transportation and logistics costs, particularly on the transportation of goods from Asiathe impact of inflation on the cost of providing our products and services; Expected from effective completion of factory consolidation, cost reduction initiatives including procurement savings and productivity gains, restructuring activities including improved capital management, strategic capital expenditures and implementation of lean enterprise manufacturing technology inability to realize the cost savings that are expected potential losses related to exiting or selling businesses that are no longer strategic or that no longer meet growth and return expectations; Failure to achieve expected savings from global sourcing of raw materials and diversification efforts in emerging markets. the impact on cost structures and economic conditions as a result of actual and threatened increases in trade tariffs; the inability to obtain the expected benefits from acquisitions and the effective completion and consolidation of such acquisitions; Inability to achieve the synergies we envisage. Market acceptance of our products. our ability to design, introduce and market new products and related product components; Ability to redesign specific products to continue to meet evolving regulatory requirements. Impact of customer delays. Our ability to increase manufacturing production to meet demand, including as a result of labor shortages. Potential changes in future pension funding requirements. In addition, forward-looking statements represent only management’s estimates as of the date they are made and should not be relied upon as representing management’s estimates at any subsequent date. Although we may choose to update forward-looking statements at some point in the future, we and management expressly disclaim any obligation to do so, even if management’s estimates change. To do..
Source Standex International Corporation