Standex Announces Closing of OKI Sensor Device Corporation Acquisition
4 April 2017
Standex International Corporation confirms that it has closed on its previously announced acquisition of OKI Sensor Device Corporation. As part of Standex, OKI Sensor Device Corporation, which enhances the Company’s access to important Asian markets, will now be named Standex Electronics Japan Ltd. Standex continues to expect the acquisition to be accretive to earnings per share by $0.08-$0.11 in fiscal 2017 and $0.40-$0.44 in fiscal 2018, net of purchase accounting and acquisition costs.
“Completing the acquisition of OKI Sensor Device Corporation is an important milestone in our strategic plan to expand the capabilities of our Electronics Group and its presence in Asia,” said Standex Chairman and CEO David Dunbar. “We already are executing on our integration plan and look forward to providing customers with a world-class suite of reed switches and related sensor solutions.”
Standex International Corporation is a multi-industry manufacturer in five broad business segments: Food Service Equipment, Engineering Technologies, Engraving, Electronics, and Hydraulics with operations in the United States, Europe, Canada, Australia, Singapore, Mexico, Brazil, Argentina, Turkey, South Africa, India and China. For additional information, visit the Company's website at http://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, 2016, 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.
Standex International Corporation
Thomas DeByle, 603- 893-9701