SALEM,
N.H., Nov. 1, 2023 /PRNewswire/ -- Standex
International Corporation (NYSE:SXI) today announced that it
has entered into a definitive agreement, through its subsidiary
Standex Electronics Japan Corporation, to acquire privately-held,
Japanese-based Sanyu Switch Co., Ltd.. The transaction is expected
to close before January 31, 2024,
subject to required regulatory approvals. 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. Standex intends to fund the acquisition from its existing
cash balance.
"We are very pleased to be acquiring Sanyu which strengthens
Electronics' relay product line and technology. Sanyu's
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. Sanyu
brings complementary engineering and manufacturing capabilities and
will strengthen our global footprint," commented President and
Chief Executive Officer David
Dunbar.
Sanyu Switch Co., Ltd. designs and manufactures reed relays,
test sockets, testing systems for semi-conductor and other
electronics manufacturing, and other switching applications.
Commenting on the transaction, Akira
Unoki, Representative Director of Sanyu Switch Co., Ltd.,
stated, "We have established a foundation centered on high-quality
products and an integrated culture. Joining a global leader
like Standex allows us to continue building on the legacy of the
last 50 years. Standex's ownership offers us the opportunity to
expand our geographic reach, gain additional engineering expertise,
and add complementary product offerings for our customer."
"With today's announcement, we are strengthening the competitive
advantage of our highest growth product lines in our Electronics
business by adding breadth to our product portfolio across
attractive and growing global end markets. The combination of Sanyu
with our existing Electronics business continues Standex's
portfolio strategy of focusing our higher-margin business segments
in faster-growing markets. We look forward to welcoming the entire
Sanyu 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, Turkey, South
Africa, India, and
China. For additional information, visit the Company's
website standex.com.
About Sanyu Switch Co., Ltd.
With corporate headquarters in Tokyo,
Japan, Sanyu Switch Co., Ltd. designs and manufactures reed
relays, test sockets, testing systems for semi-conductor and other
electronics manufacturing, and other switching applications. The
Company's primary manufacturing facility is in Kumamoto,
Japan. For additional information,
visit the Company's website at http://www.sanyu.co.jp.
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SOURCE Standex International Corporation