Standex International Corp. has agreed to sell its Air Distribution Products Group to Blue Wolf Capital Partners. Financial terms were not announced. The transaction is expected to close in about 30 days. Standex said it expects to report charges in the range of 18 cents to 23 cents a share, post tax, in discontinued operations during the current third quarter of fiscal 2012.
Standex International Corporation (NYSE:SXI) today signed a definitive agreement to sell its Air Distribution Products Group to Blue Wolf Capital Partners, a private equity firm. Standex had previously announced its intention to divest the Group. The transaction is expected to close in approximately 30 days, and no regulatory approvals are needed.
“The sale of the ADP Group is in line with our Focused Diversity strategy of investing in businesses that provide value-added and technically driven customer solutions,” said President and CEO Roger Fix. “We believe these businesses provide superior returns and enhance shareholder value. The divestiture of ADP improves our overall profit margin and asset return profile and allows us to focus our time and resources on our strategic businesses. We thank ADP’s employees for their contributions to Standex and wish them future success.”
As a result of the expected divestiture, Standex anticipates reporting charges in the range of $0.18 to $0.23 per share, post-tax, in discontinued operations during the current third quarter of fiscal 2012.
Standex International Corporation is a multi-industry manufacturer in four broad business segments: Food Service Equipment Group, Engineering Technologies Group, Engraving Group and Electronics and Hydraulics Group with operations in the United States, Europe, Canada, Australia, Singapore, Mexico, Brazil, Argentina, Turkey, South Africa, India and China. For additional information, visit the Company’s website at www.standex.com.