U.S. Based Provider of Mold and Tool Texturizing Services Joins Standex Engraving to Create Broadest Set of Mold Texturizing, Tool Finishing and Prototyping Services in the Market
Combination Enhances Standex Engraving’s Customer Service Through Increased Innovation and Expanded Offerings
Expected EPS Accretion of $0.16-$0.20 in Fiscal 2019 and $0.26-$0.30 in Fiscal 2020, Excludes Purchase Accounting and Acquisition Costs
SALEM, NH – August 23, 2018 Standex International Corporation (NYSE:SXI) today announced that it has acquired Michigan-based Tenibac-Graphion, Inc. (Tenibac-Graphion), a provider of chemical and laser texturing services. Privately held Tenibac-Graphion reported revenues of $25 million for the year ended December 31, 2017 and estimated revenues of $13 million for the six-month period ending June 30, 2018. The acquisition is expected to be accretive to earnings per share by $0.16 to $0.20 in fiscal year 2019 and $0.26 to $0.30 in fiscal year 2020, excluding purchase accounting and acquisition costs. Standex defines purchase accounting as step-up of inventory and backlog. Tenibac-Graphion’s management team will be continuing with the Company. Terms of the transaction were not disclosed.
“Standex Engraving has been innovating for more than 50 years by expanding our global capabilities and bringing new technologies to our customers,” said Standex Chief Executive Officer David Dunbar. “Tenibac-Graphion’s deep expertise in mold and tool texturizing is complementary to our broad, global portfolio and advances our strategy to enhance the value we deliver to our customers. As a result of this combination, Standex is now better positioned to deliver a broader set of design services, mold texturizing, tool finishing, tool enhancement and prototyping services. We welcome Tenibac-Graphion’s management and team of approximately 160 employees to the Standex family.”
“The combination of Tenibac-Graphion and Standex Engraving will expand services available to customers, increase responsiveness to customer demands, and drive innovative approaches to solving customer needs,” said Standex Engraving President Flavio Maschera. “Our combined customer base will have access to the full line of mold and tool services, such as the Architexture design consultancy, Vycon™ part wrapping, chemical and laser engraving, tool finishing, and tool enhancements. We are excited to welcome Tenibac-Graphion’s talented employees to Standex. Their expertise in traditional texturizing technologies makes them a powerful workforce poised to deliver the many new and emerging services and technologies we are rolling out globally.”
“We look forward to joining forces with a world-class leader like Standex to offer our combined customer base a comprehensive suite of best-in-class texturization and tool finishing services,” said Tenibac-Graphion CEO Jim Deliz. “We believe there is excellent potential to leverage Standex’s broad set of capabilities to grow our customer relationships and promote improved responsiveness and innovation.”
Founded in 1969 by John A. Gusmano, Tenibac-Graphion provides mold and tool texturing services, such as laser engraving, chemical etching, repair and maintenance, and prototype parts through the Vycon™ process. Tenibac-Graphion serves automotive, packaging, medical and consumer products customers, and operates three facilities, including two in Michigan and one in China.
Standex International Corporation is a global, multi-industry manufacturer in five broad business segments: Food Service Equipment, Engraving, Engineering Technologies, Electronics, and Hydraulics. For additional information, visit the Company’s website at http://standex.com/.
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