USA-based global multi-industry manufacturer in Electronics, Engraving, Scientific, Engineering Technologies, and Specialty Solutions, Standex acquired South Dakota, USA-based provider of transformers, inductors, sensors, coils, chokes, and filters, Minntronix. The company announced the acquisition on August 1, 2023. The deal costs approximately USD 30 million and is an all-cash transaction financed from Standex’s existing cash balance.
Purpose of acquisition by Standex
Standex International has plans to accretive to its earnings and to achieve a double-digit return on invested capital within a year of this transaction.
What the Standex International official has to add
President and Chief Executive Officer at Standex International, David Dunbar, said, “We are very pleased to have acquired Minntronix, a great strategic fit, expanding our presence in fast growth end markets in 5G, smart grid, and industrial automation. In addition, its customer base and product line are highly complementary to our existing business, with the potential to further expand key account relationships and capitalize on cross-selling opportunities. Minntronix also brings a strong engineering and customer support team, expanding our problem-solving ability, and extending our geographic footprint.”
He further added, “With today’s announcement, we have strengthened our competitive advantage by adding scale to our expertise and capabilities in markets that are growing and benefiting from secular tailwinds. The addition of Minntronix also furthers Standex’s portfolio strategy of building our higher-margin growth business segments into more significant platforms. We look forward to welcoming the entire Minntronix team to our company.”
What the Minntronix official has to comment
In addition, Lew Tollefson, President and CEO of Minntronix, said, “We are excited to join a global leader that provides a strong foundation for our continued growth. Standex’s ownership offers us the opportunity to leverage a much broader geographical presence, additional engineering expertise, complementary product offerings, and enhanced customer relationships.”
Minntronix designs and manufactures not only customized but also standard magnetics components and products. Its offerings include products such as transformers, inductors, current sensors, coils, chokes, and filters. The products cater to several fields and are applicable across sectors such as cable fibre, smart meters, industrial control and lighting, electric vehicles, and home security markets.
About Standex International
John Bolten in 1918 launched Standex International Corporation. The company is a pioneer in the global multi-industry manufacturer in five broad business segments, such as Electronics, Engraving, Scientific, Engineering Technologies, and Specialty Solutions. It also boasts operations in the United States, Europe, Canada, Japan, Singapore, Mexico, Brazil, Turkey, South Africa, India, as well as China.
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