News
- Divestiture supports continued simplification of portfolio
- Enables greater focus on larger businesses and fast growth end market opportunities
- Proceeds to be used towards organic and inorganic initiatives and returning capital to shareholders
SALEM, N.H., Feb. 2, 2023 /PRNewswire/ -- Standex International Corporation (NYSE:SXI) announced today that it previously signed an agreement to sell its Procon Pumps business to Investindustrial, a leading European investment and advisory group, at an enterprise value of $75 million, subject to customary post-closing adjustments. The transaction is expected to close during the month of February. The Procon business was previously part of the Specialty Solutions segment. In fiscal year 2022, Procon's net revenues were $33.7 million.
"After a thorough competitive process, we are pleased to announce the sale of our Procon business to Investindustrial," said Standex President & CEO David Dunbar. "Investindustrial's portfolio of companies includes the CEME Group, which manufactures solenoid pumps, rotary pumps, and solenoid valves in Italy and across the globe. We believe CEME Group is well-placed to enable the Procon business to grow and reach its strategic potential. I would like to thank our Procon colleagues for their contributions to Standex and wish them much success as they start a new chapter for the business."
Standex intends to use the proceeds from the sale in accordance with its current capital allocation framework, comprised of organic growth opportunities, inorganic initiatives, and returning capital to shareholders.
About Investindustrial and CEME Group
Founded in 1990, Investindustrial is a leading European investment and advisory group with over €12 billion of raised fund capital. It provides industrial solutions and capital to high-quality mid-market companies. Among its portfolio of companies is CEME Group, which manufactures solenoid pumps, rotary pumps, and solenoid valves in Italy and across the globe. CEME Group is known for its technical engineering know-how, quality, flexibility and for its unique ability to develop innovative solutions for customers in Italy and other international markets.
About Procon
Procon is a global supplier of custom fluid solutions that combines collaborative design expertise, bespoke solution engineering, and a high-quality, highly-engineered portfolio of niche positive displacement pumps. It is a valued channel partner to a diverse base of "top tier" OEMs and distributors offering tailored solutions for critical and challenging fluid system applications. The company is a leading innovator in the rotary vane and gear pump segments
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, Brazil, Turkey, South Africa, India, and China. For additional information, visit the Company's website standex.com.
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SOURCE Standex International Corporation