SALEM, N.H., 29 Aug. 2014. Standex International Corp. (NYSE:SXI) has entered into an exclusive agreement to acquire Ohio-based Enginetics Corp., a producer of aircraft engine components for all major aircraft platforms.
“This acquisition is an important step for the Engineering Technologies Group, as it will increase our breadth of opportunity in the aviation market,” said Len Paolillo, President, Engineering Technologies Group. “We will be able to expand the suite of products we offer existing customers by producing more internal engine components using Enginetics’ metal forming and other value added core technologies. We also expect to be able to expand strategic relationships for new business and sell Enginetics’ product solutions into non-aviation markets currently served by Standex. In addition, Enginetics’ steady revenue stream in long running aircraft programs is expected to help smooth some of the higher variability project based business of Engineering Technologies Group’s other markets.”
The completion of the transaction is subject to customary closing conditions and is anticipated to close on or before 11 September 2014. Enginetics had revenue of approximately $30 million in the past 12 months.
“This acquisition supports our corporate strategy to position our businesses for faster growth,” Standex CEO David Dunbar explains. “Enginetics will further solidify Standex’s expansion into the steadily growing aviation market for high-efficiency engines. Enginetics’ hydroforming, press forming and stretch forming processes generate products that are highly complementary to our current offerings, and will enable deeper market penetration in aviation for our Engineering Technologies Group.”
Headquartered in Huber Heights, Ohio, Enginetics produces commercial components for the commercial aviation market through a variety of forming processes.
Standex International Corp. is a multi-industry manufacturer in five broad business segments with operations in the United States, Europe, Canada, Australia, Singapore, Mexico, Brazil, Argentina, Turkey, South Africa, India, and China.