Standex acquires food service company

Standex International Corporation has dished up a hot deal, buying all outstanding shares of Associated American Industries, a subsidiary of Dallas, Texas-based APW Wyott that specializes in “hot side” cooking products for small restaurants and convenience stores.

The deal is valued at $84 million.

This was an important strategic move for the Salem-based diversified products company, which had little presence in the hot side food service sector.

Roger Fix, Standex president and chief executive officer, said, “Our significantly expanded presence in the hot side of the market is very complementary to our existing operations as both sides of the market sell to the same customers. The hot side of the market also offers greater opportunities to capitalize on market demand through technology and product innovation.”

In 2006, AAI generated revenues of $72 million. — CINDY KIBBE