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Standex International Corp (NYSE:SXI) announces the acquisition of privately-held, South Dakota-based Minntronix for ~$30 million in cash.
Minntronix designs and manufactures customized as well as standard magnetics components and products.
The transaction is being financed from Standex's existing cash balance. SXI expects the acquisition to be accretive to its earnings and to achieve a double-digit return on invested capital.
This acquisition strengthens SXI's competitive advantage by adding scale to its expertise and capabilities in growing markets and benefiting from secular tailwinds.
"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," said President and Chief Executive Officer David Dunbar. "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," he added.
Standex International held cash and cash equivalent of $175.28 million as of March 31, 2023.
Price Action: Shares of SXI were up 1.5% to $146.25 at last check on Monday.
Posted In: SXI
