SALEM, N.H.--(BUSINESS WIRE)--
Standex International Corporation (NYSE:SXI) 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.”
About Standex
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.
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