Standex International

Standex International Corporation is an American multinational manufacturer of food service equipment, engravings, engineering technologies, electronics and hydraulics, headquartered in Salem, New Hampshire. Standex is divided into 12 units and 5 reporting segments. The company was incorporated in 1955 and contains multiple subsidiaries including Bakers Pride and Standex Electronics.[1][2]

Standex International
TypePublic
NYSE: SXI
S&P 600 Component
IndustryFood service equipment, electronics and hydraulics
Founded1955 (1955)
FounderJohn Bolten, Sr
Headquarters11 Keewaydin Drive,
Salem, New Hampshire
,
United States
Area served
Worldwide
Key people
David Dunbar (CEO)
Alan Glass (Vice President)
ProductsFood service equipment
Engravings
Hydraulics
Number of employees
5,400 (2017)
Websitewww.standex.com

History

After World War II John Bolten, Sr. and his sons founded a vinyl sheeting company under the name, Bolta Plastics. In 1954, General Tire and Rubber bought the company for $4 million. Bolten reinvested the funds into Standard Publishing, a religious publishing company founded in 1866, and Roehlen Engraving, a steel engraving company. In 1955, Bolten incorporated his company.[2] Standard Publishing was acquired by the Wicks Group in 2006.

During the corporation's early years multiple acquisitions were made including a Coca-Cola bottling company in South America and cleansing product manufacturers consisting of Everedy cookware, Lestoil, and Bon Am. Daniel Hogan, Bolten Sr's son-in-law, succeeded Bolten as company president. Under his management the corporation experienced massive expansion.[2]

Hogan took the company public in 1964 and renamed the corporation in 1973 to Standex. Between 1971 and 1975, Standex's net sales increased by 48%, growing from $119 million to $176 million. By 1984 the company's expansion was halted after a series of rash mergers and acquisitions. In 1985 the company debt-to-capital ratio fell to 20%. Hogan, after 37 years with Standex, stepped down as president passing the position to Thomas L. King.

In 1994, Standex purchased Toastswell, a company founded in the late 1920s from the Pavelka family. Toastswell assets were later purchased from Standex in 1997 by Star Manufacturing International.[3]

In July 2020, Standex acquired Renco Electronics for $28 million.[4]

Company

In November 2017, Standex began trading ex-dividends at $0.18 per share. This represented a 12.5% increase over the prior dividend payment. SXI's earnings per share was measured at $3.61.[5] In January 2018, the stock price had fallen below $100 per share with investors looking at the stock's potential upside.[6]

Subsidiaries
  • Standex Electronics
  • Horizon Scientific
  • Nor-Lake
  • Procon Pumps
  • IR Engraving LLC
  • United Service Equipment Company
  • Spincraft ETG Limited
  • Dornbusch & Cia Industria E. Comercio
  • MPE Aeroengines

References
  1. "SXI - Standex International Corp Company Profile". money.cnn.com. Retrieved 2018-01-24.
  2. Paul Bodine (2004). Make It New: Essays in the History of American Business. iUniverse. pp. 288–. ISBN 978-0-595-30921-4.
  3. William F. George (20 March 2003). Antique Electric Waffle Irons 1900-1960: A History of the Appliance Industry in 20Th Century America. Trafford Publishing. pp. 170–. ISBN 978-1-4122-5267-6.
  4. "Standex acquires Renco Electronics". evertiq.com. 2020-07-17. Retrieved 2020-07-17.
  5. "Standex International Corporation Ex-Dividend Date Scheduled for November 08, 2017". NASDAQ.com. 2017-11-07. Retrieved 2018-01-24.
  6. Morgan Staff (2018-01-24). "Knuckling Down on Shares of Standex International Corporation (NYSE:SXI) and OSI Systems, Inc. (NASDAQ:OSIS)". Morgan Leader. Retrieved 2018-01-24.
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