SALEM,
N.H., Nov. 14, 2024 /PRNewswire/ -- Standex
International Corporation (NYSE:SXI) today announced that it
has acquired Michigan-based Custom
Biogenic Systems ("CBS") for approximately $6.2 million in cash. The transaction is being
financed from Standex's existing cash balance. In its first year of
ownership, the Company expects the acquisition to be accretive to
its earnings. CBS will be reported as part of Standex's Scientific
business segment.
"We are pleased to have acquired Custom Biogenic Systems,
extending the reach of our scientific refrigeration business with a
presence within the liquid nitrogen and controlled rate freezer
markets and expanding our North American manufacturing
capabilities. The business aligns with our customer intimacy
approach and is highly complementary to our existing business,"
commented President and Chief Executive Officer David Dunbar.
Founded in 1987, Custom Biogenic Systems is a leader in the
design and manufacturing of laboratory products and supplies. CBS
specializes in the development and manufacturing of advanced
cryogenic equipment, including unique Isothermal freezers with dry
liquid nitrogen technology, to the pharmaceutical and biobank end
markets within life sciences. In calendar year 2024, Custom
Biogenic Systems estimates revenues of approximately $15 million.
"With today's announcement, we have expanded our addressable
market within our Scientific business with the addition of a brand
leader in cryogenic storage, with over thirty years of industry
experience. Considering its adjacent scientific product offering,
complementary nature to our existing products, and its engineering
and manufacturing capabilities, we are excited about our long-term
combined potential together. We look forward to welcoming the
entire CBS team to our company," concluded Dunbar.
About Standex
Standex International Corporation is a global multi-industry
manufacturer in five broad business segments: Electronics,
Engraving, Scientific, Engineering Technologies, and Specialty
Solutions with operations in the United
States, Europe,
Canada, Japan, Singapore, Mexico, Turkey, India, and China. For additional
information, visit the Company's website standex.com.
About Custom Biogenic Systems
Headquartered in Bruce
Township, Michigan, Custom
Biogenic Systems designs and manufactures laboratory products
and supplies, which include cryogenic freezers, isothermal freezers
and controlled rate freezers. For additional information, visit the
Company's website at http://www.custombiogenics.com.
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SOURCE Standex International Corporation