Standex International
| Company type | Public |
|---|---|
| NYSE: SXI S&P 600 component | |
| Industry | Food service equipment, electronics and hydraulics |
| Founded | 1955 |
| Founder | John Bolten, Sr |
| Headquarters | 11 Keewaydin Drive, , United States |
Area served | Worldwide |
Key people | David Dunbar (CEO) Alan Glass (Vice President) Sean Valashinas (Chief Accounting Officer) |
| Products | Food service equipment Engravings Hydraulics |
Number of employees | 5,400 (2017) |
| Website | www |
Standex International Corporation is an American multinational manufacturer of food service equipment, engravings, engineering technologies, electronics and hydraulics, headquartered in Salem, New Hampshire. Standex is divided into 12 units and 5 reporting segments. The company was incorporated in 1955 and contains multiple subsidiaries including Bakers Pride and Standex Electronics.[1][2]
History
[edit]After World War II John Bolten, Sr. and his sons founded a vinyl sheeting company under the name, Bolta Plastics. In 1954, General Tire and Rubber bought the company for $4 million. Bolten reinvested the funds into Standard Publishing, a religious publishing company founded in 1866, and Roehlen Engraving, a steel engraving company. In 1955, Bolten incorporated his company.[2] Standard Publishing was acquired by the Wicks Group in 2006.
During the corporation's early years multiple acquisitions were made including a Coca-Cola bottling company in South America and cleansing product manufacturers consisting of Everedy cookware, Lestoil, and Bon Am. Daniel Hogan, Bolten Sr's son-in-law, succeeded Bolten as company president. Under his management the corporation experienced massive expansion.[2]
Hogan took the company public in 1964 and renamed the corporation in 1973 to Standex. Between 1971 and 1975, Standex's net sales increased by 48%, growing from $119 million to $176 million. By 1984 the company's expansion was halted after a series of rash mergers and acquisitions. In 1985 the company debt-to-capital ratio fell to 20%. Hogan, after 37 years with Standex, stepped down as president passing the position to Thomas L. King.
In 1994, Standex purchased Toastswell, a company founded in the late 1920s from the Pavelka family. Toastswell assets were later purchased from Standex in 1997 by Star Manufacturing International.[3]
In July 2020, Standex acquired Renco Electronics for $28 million.[4]
Company
[edit]In November 2017, Standex began trading ex-dividends at $0.18 per share. This represented a 12.5% increase over the prior dividend payment. SXI's earnings per share was measured at $3.61.[5] In January 2018, the stock price had fallen below $100 per share with investors looking at the stock's potential upside.[6]
Subsidiaries
[edit]- Standex Electronics
- Horizon Scientific
- Nor-Lake
- IR Engraving LLC
- United Service Equipment Company
- Spincraft ETG Limited
- Dornbusch & Cia Industria E. Comercio
- MPE Aeroengines
References
[edit]- ^ "SXI - Standex International Corp Company Profile". money.cnn.com. Retrieved 2018-01-24.
- ^ a b c Paul Bodine (2004). Make It New: Essays in the History of American Business. iUniverse. pp. 288–. ISBN 978-0-595-30921-4.
- ^ William F. George (20 March 2003). Antique Electric Waffle Irons 1900-1960: A History of the Appliance Industry in 20Th Century America. Trafford Publishing. pp. 170–. ISBN 978-1-4122-5267-6.
- ^ "Standex acquires Renco Electronics". evertiq.com. 2020-07-17. Retrieved 2020-07-17.
- ^ "Standex International Corporation Ex-Dividend Date Scheduled for November 08, 2017". NASDAQ.com. 2017-11-07. Retrieved 2018-01-24.
- ^ Morgan Staff (2018-01-24). "Knuckling Down on Shares of Standex International Corporation (NYSE:SXI) and OSI Systems, Inc. (NASDAQ:OSIS)". Morgan Leader. Retrieved 2018-01-24.
External links
[edit]
- Official website
- Business data for Standex International Corporation: