Standex acquires U.K. firm



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Standex International Corp. has purchased Metal Spinners Group Ltd. of Newcastle, U.K., a metal fabrication supplier to the medical, general industrial and energy industries.The Salem-based diversified manufacturer said Metal Spinners will become a part of its engineering technologies unit, providing Standex with an expansion into the medical market.Metal Spinners Group, a privately held subsidiary of Precision Engineering International Ltd., reported 2010 revenues of $19.2 million."Metal Spinners Group Ltd. is an exceptionally strong synergistic fit with our Spincraft business and a significant addition to the Standex portfolio," said Roger Fix, president and chief executive of Standex.Although the terms of the deal were not disclosed, Standex officials said the acquisition was funded primarily with its foreign cash on hand.The company said it anticipates the acquisition to have an impact on third-quarter fiscal 2011 results of between 3 and 4 cents per diluted share, and as much as a penny in the fourth quarter due to the impact of acquisition-related expenses.Standex shares closed at 36.31 on Tuesday, up $1.26. - CINDY KIBBE/NEW HAMPSHIRE BUSINESS REVIEWStandex International Corp. has purchased Metal Spinners Group Ltd. of Newcastle, U.K., a metal fabrication supplier to the medical, general industrial and energy industries.The Salem-based diversified manufacturer said Metal Spinners will become a part of its engineering technologies unit, providing Standex with an expansion into the medical market.Metal Spinners Group, a privately held subsidiary of Precision Engineering International Ltd., reported 2010 revenues of $19.2 million."Metal Spinners Group Ltd. is an exceptionally strong synergistic fit with our Spincraft business and a significant addition to the Standex portfolio," said Roger Fix, president and chief executive of Standex.Although the terms of the deal were not disclosed, Standex officials said the acquisition was funded primarily with its foreign cash on hand.The company said it anticipates the acquisition to have an impact on third-quarter fiscal 2011 results of between 3 and 4 cents per diluted share, and as much as a penny in the fourth quarter due to the impact of acquisition-related expenses.Standex shares closed at 36.31 on Tuesday, up $1.26. - CINDY KIBBE/NEW HAMPSHIRE BUSINESS REVIEW

 

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