SALEM, N.H.--(BUSINESS WIRE)--Standex International Corporation (NYSE:SXI) today announced that the New Albany, Mississippi warehouse serving its Refrigerated Solutions Group Master-Bilt brand experienced a fire earlier this week on June 26. The warehouse, which is leased, comprises approximately 155,000 square feet. There were no injuries to the sixteen Company personnel, although the warehouse facility and its contents have been substantially destroyed. The incident is currently under investigation by local authorities.
While the adjacent manufacturing facilities did not suffer any damage and have resumed normal production, there was approximately $7 million of damage to the Company’s finished goods and approximately $1 million related to ancillary handling equipment. The Company has insurance coverage associated with the damage to the inventory and equipment.
“Thankfully, no one was hurt in this incident. I want to recognize the significant efforts of the emergency responders,” said Standex Chief Executive Officer David Dunbar. “Our team is now working diligently to minimize the impact of this incident on our customers as we identify alternative locations for finished goods,” said Dunbar.
Standex International Corporation is a global, multi-industry manufacturer in five broad business segments: Food Service Equipment, Engineering Technologies, Engraving, Electronics, and Hydraulics. 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, 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.
Thomas DeByle, CFO