Standex Closes Sale of Cooking Solutions Group
SALEM, N.H.--(BUSINESS WIRE)--Apr 1, 2019--Standex International Corporation(NYSE:SXI) today announced that it has closed the previously disclosed sale of its Cooking Solutions Group (CSG) to The Middleby Corporation.
Commenting on the sale, President & CEO David Dunbar stated, “We are pleased to have successfully divested the Cooking Solutions Group in line with our expected timing and valuation. I would like to wish our former CSG colleagues much success as they start a new chapter for the business.”
Baird served as investment banking advisor to Standex on the transaction.
The Middleby Corporation is a global leader in the foodservice equipment industry. The company develops, manufactures, markets and services a broad line of equipment used in the commercial foodservice, food processing, and residential kitchen equipment industries. For additional information, visit Middleby’s website at www.middleby.com.
Standex International Corporation is a global, multi-industry manufacturer in five broad business segments: Food Service Equipment, Engraving, Engineering Technologies, Electronics, and Hydraulics. For additional information, visit Standex’s website at www.standex.com.
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 industries. 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 the impact of implementation of government regulations and programs affecting our businesses, unforeseen legal judgments, fines or settlements, uncertainty in conditions in the financial and banking markets, general domestic and international economy including more specifically economic conditions in the oil and gas market, the impact of foreign exchange, increases in raw material costs, the ability to substitute less expensive alternative raw materials, the heavy construction vehicle market, the ability to continue to successfully implement productivity improvements, increase market share, access new markets, introduce new products, enhance our presence in strategic channels, the successful expansion and automation of manufacturing capabilities and diversification efforts in emerging markets, the ability to continue to achieve cost savings through lean manufacturing, cost reduction activities, and low cost sourcing, effective completion of plant consolidations, successful completion and integration of acquisitions and the other factors discussed in the Annual Report of Standex on Form 10-K for the fiscal year ending June 30, 2018, 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.
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CONTACT: Thomas DeByle, CFO (603) 893-9701
KEYWORD: UNITED STATES NORTH AMERICA NEW HAMPSHIRE
INDUSTRY KEYWORD: CONVENIENCE STORE BUILDING SYSTEMS RESTAURANT/BAR MANUFACTURING ENGINEERING OTHER MANUFACTURING RETAIL FOOD/BEVERAGE CONSTRUCTION & PROPERTY SUPERMARKET
SOURCE: Standex International Corporation
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PUB: 04/01/2019 04:15 PM/DISC: 04/01/2019 04:15 PM