Standex signs agreement to acquire Enginetics

Standex International has entered into an exclusive agreement to acquire Ohio-based Enginetics Corporation, a leading producer of aircraft engine components for all major aircraft platforms. The completion of the transaction is subject to customary closing conditions and is anticipated to close on or before September 11th, 2014. Enginetics had revenue of approximately $30m in the trailing 12 months. This acquisition is expected to be accretive to earnings in the range of $0.03 to $0.05 excluding the impact of purchase accounting related to inventory and long term backlog in the remainder of Fiscal 2015 and $0.07 to $0.09 in the full year Fiscal 2016 excluding the impact of long term backlog. “This acquisition supports our corporate strategy to position our businesses for faster growth,” said Standex CEO David Dunbar. “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.”